World: Molson Coors Q1 net income up 33%
Molson Coors Brewing Co reported on May 2 its first-quarter net income attributable to the company increased 33% to USD278.1 million from the prior year, as a result of a USD328 million cash payment received in relation to a purchase price adjustment to Molson's acquisition of the Miller International business
The brewer also cited positive global net pricing, cost savings, and lower interest expense, partially offset by unrealized mark-to-market losses on commodity positions.
Earnings per share grew to USD1.28 from USD0.96 in the previous year.
Underlying net income decreased 3% year-over-year to USD104.3 million, driven by lower financial volume, the impact of cycling the indirect tax provision benefit, global mix, and higher input cost inflation, partially offset by positive net pricing, cost savings, and lower interest expense.
Underlying net income per share dropped to USD0.48 from USD0.80 last year.
Net sales were USD2.33 billion, down 4.8% from last year, due to lower financial and royalty volumes, negative global mix, adoption of the new revenue recognition accounting standard, and the approximate USD50 million impact of cycling the indirect tax provision in Europe that was reversed a year ago. These factors were partially offset by positive global pricing and foreign currency movements, Molson said.
Net sales in constant currency declined 7.2%.
Analysts polled by Thomson Reuters expected Molson Coors to report earnings of USD0.78 per share and revenue of USD2.45 billion for the quarter. Analysts' estimates typically exclude special items.
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