Shares of Molson Coors Beverage Co. /zigman2/quotes/205165133/composite TAP -0.95% shot up 6.4% in premarket trading Thursday, after the beer brewer reported a third-quarter adjusted profit that rose well above expectations, while revenue fell less than forecast amid challenges posed by the COVID-19 pandemic. The company swung to net income of $342.8 million, or $1.58 a share, from a loss of $402.8 million, or $1.86 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.62 from $1.48, beating the FactSet consensus of $1.02. Sales fell 3.1% to $2.75 billion, as on-premise restrictions related to the pandemic led to lower volumes, but beat expectations of $2.66 billion. The company said expansion of its hard seltzer production capacity by over 400% is expected to be completed by the end of 2020. The company said its Vizzy Hard Seltzer has risen to 8th on the Nielsen top-10 growth brands chart this year. The stock has tumbled 38.9% year to date through Wednesday while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.10% has gained 1.3%.