by Christopher Freeburn | May 8, 2012 1:50 pm
Molson Coors Brewing (NYSE:TAP) posted first-quarter profits of $79.5 million, down 4% from $82.9 million during the same time last year. Adjusted earnings from continuing operations came in at 47 cents a share, besting analysts’ prediction of 43 cents a share, CBS said.
First-quarter revenue was $691.4 million, up marginally from $690.4 million last year. That missed analysts’s forecast of $700.4 million.
The company said that global beer shipments were 9.9 million hectoliters during the quarter, down less than 1% compared to 2011. Rising commodity costs negatively affected U.K and Canadian sales, but were offset in the U.S. by increased beer pricing.
The $3.54 billion acquisition of StarBev will be completed during the second quarter, company officials indicated. A new division incorporating StarBev will be headed by Mark Hunter, now in charge of U.K. and Ireland business. The current head of StarBev’s will leave the company after the merger is complete.
Molson shares were down more than 1% in Tuesday afternoon trading.
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