Molson Coors's Revenue Tops Views
August 02 2016 - 8:00AM
Dow Jones News
Molson Coors Brewing Co. reported revenue slipped less than
expected in the most recent quarter, though lower world-wide
volume, higher brand investments, and foreign-exchange headwinds
continued to eat into the bottom line.
The popularity of craft brews and cocktails over domestic lagers
have dented results for Molson Coors and its U.S. venture,
MillerCoors LLC.
Molson is planning to buy the rest of the MillerCoors LLC
venture for $12 billion. Its brands include Miller Lite, Miller
High Life and Blue Moon.
On Tuesday, Chief Executive Mark Hunter said the company has
made "substantial progress" on the pending MillerCoors transaction,
including integration planning and completing the necessary
financing "at very attractive rates."
Molson continues to plan for a closing before the end of the
year.
During the June quarter, Molson Coors said profit fell to $172.3
million, or 80 cents a share, from $229 million, or $1.23 a share,
a year ago.
Excluding special items, per-share earnings fell to $1.11 from
$1.41, in line with analyst expectations.
Net sales slipped 1.9% to $986.2 million, topping analysts'
expectations for $962 million. Molson Coors said sales rose 1.2%
excluding currency impacts.
During the period, world-wide beer volumes edged 0.8% lower,
though Coors Light volume improved by 4.1%.
At MillerCoors, core profit fell 12% to $429.5 million, hurt by
higher special charges related to the planned closure of its Eden
brewery.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
August 02, 2016 07:45 ET (11:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Molson Coors Brewing (NYSE:TAPA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Molson Coors Brewing (NYSE:TAPA)
Historical Stock Chart
From Aug 2023 to Aug 2024