Molson Coors earns US$290.7 million in Q2
MONTREAL - Molson Coors Brewing Co. (NYSE:TAP, TSX:TPX.B) beat expectations as net earnings increased 9.5 per cent to US$290.7 million in the second quarter on higher revenues.
The Montreal and Denver-based brewer, which reports in U.S. dollars, earned $292.7 million in underlying profit during the three months ended June 30, up from $271.3 million a year earlier.
That translated into $1.57 per share, 10 cents per share above last year's results and analyst forecasts.
Revenues grew nearly one per cent to $1.2 billion even though worldwide beer volume fell to 16.6 million hectolitres.
Molson Coors said the results were driven by improved performances in the U.S. and Europe, along with lower interest expenses.
In Canada, adjusted pre-tax income decreased 6.5 per cent to $120.9 million, due to the loss of the Mexican Modelo brands and a lower Canadian dollars that had a negative $6.3 million impact, partially offset by cost savings.
Sales were $516.5 million, down from $558.2 million last year, while sales volume decrease two per cent.
Molson Coors underlying share of profits from the MillerCoors joint venture in the U.S. increased 10.3 per cent to $190.3 million.
In Europe, adjusted profits were $84.5 million, up from $75.8 million. International losses decreased to $3.7 million, from $4 million.