Grab yourself a cold one and get ready to cheer: We're toasting the expansion of a consumer-products gross margin this earnings season.

I know, I know, a lot of you thought we might never see one again, but Molson Coors (NYSE: TAP) managed to increase its gross margin by 110 basis points, to 38.4%. Management delivered the boost despite tough industry headwinds, including sky-high commodity costs and mature beer markets. Here's to management for delivering in tough times.

Against this backdrop, Molson Coors brought home the Keystone. Net revenue increased more than 10%, volume rose almost 3%, and comparable operating income increased 46%. The volume number might not sound too impressive, but it's actually a great result, given that the company's main markets (the U.S., Canada, and the U.K) have recently shown about as much growth as Sylvester Stallone's acting range between Rocky IV and Rocky V.

Molson Coors results were a breath of fresh air in the midst of a skunky domestic beer market, given slightly disappointing recent first-quarter results from Anheuser-Busch (NYSE: BUD). Trends are changing, and the non-craft beer market hasn't been too "hoppy" of late. Stepping up to the bar and ordering a specialty Samuel Adams (NYSE: SAM) brew is the buzzing trend for beer drinkers, while wine and spirits manufacturers like Brown-Forman (NYSE: BF-B) and Diageo (NYSE: GEO) are becoming a more popular order request.

However, Molson Coors' American results showed particular strength in bucking these trends. Coors Light volumes increased by mid-single digits, and Blue Moon, Coors Banquet, and Keystone volumes all rose by double digits. With both the Michelob and Budweiser families struggling at big, bad A-B, it's not too hard to see where at least a portion of A-B orphans turned.

Molson Coors shares have enjoyed a nice bump after today's better-than-expected results, and I think that investors should hold onto this stock for a few more years at least. With the Miller-Coors venture likely to proceed (in my opinion) after antitrust clearance in the next year, earnings from the joint venture should produce excess earnings growth for the company even if the commodity cost environment remains adverse. While not thrilling, the company's dividend yield of a little more than 1% should pad investors' pockets, if only thinly.

In the final analysis, I think that Molson Coors currently provides investors with a very attractive risk-reward proposition, given the company's current valuation and earnings growth potential. Go ahead and take a nip or two if you're feeling thirsty.

Quench your thirst with further Foolishness:

Anheuser-Busch is an Inside Value selection. Diageo is an Income Investor pick. Get the scoop on these companies and many more with a free 30-day trial to any of our newsletters.

Fool contributor Matthew Reilly does not own any positions in the above companies. The Fool's disclosure policy is frost-brewed and never pasteurized.