Molson Coors Brewing (NYSE:TAP) stock was soaring on Wednesday following the release of its earnings report for the third quarter of 2018.

Molson Coors Brewing reported earnings per share of $1.84 for the third quarter of the year. This is an increase over the company’s earnings per share of $1.34 from the third quarter of 2017. It was also a boon to TAP stock by coming in above Wall Street’s earnings per share estimate of $1.59 for the quarter.

Net income reported by Molson Coors Brewing for the third quarter of 2018 came in at $338.30 million. The brewing company reported net income of $287.00 million during the same period of the year prior.

Molson Coors Brewing’s earnings report for the third quarter of the year also includes operating income of $469.70 million. This is better than the company’s operating income of $506.20 million reported in the third quarter of the previous year.

During the third quarter of 2018, Molson Coors Brewing reported revenue of $2.93 billion. This is up from the company’s revenue of $2.88 billion from the same time last year. It was also a blessing to TAP stock by beating out analysts’ revenue estimate of $2.92 billion for the period.

“In the U.S., brand volumes or STRs were below industry volumes,” Mark Hunter, President and CEO of Molson Coors Brewing, said in a statement. “As we have indicated, improving our volume performance in the U.S. is a priority and the first step is to improve our share performance through Coors Light and accelerated premiumization of the portfolio.”

TAP stock was up 7% as of noon Wednesday, but is down 29% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.