World: Molson Coors reports drop in first-quarter profit
Molson Coors Brewing Co.s first-quarter profit fell compared with a year ago when its results were boosted by a one-time payment.
The beer company, which reports in U.S. dollars, says it earned US$151.4 million or 70 cents per share for the quarter.
The result compared with a profit if $278.1 million or $1.28 per share a year earlier when the company saw a $328-million cash payment related to a price adjustment for its purchase of the Miller International brewing business.
Molson Coors says its underlying profit for the quarter totalled $112.7 million or 52 cents per share compared with an underlying profit of $104.3 million or 48 cents per share a year ago.
Net sales totalled $2.3 billion, down from $2.33 billion.
The dip came due to lower volumes and unfavourable changes in foreign currency, offset by higher prices and a favourable sales mix in Europe. On a constant currency basis, net sales increased 0.6 per cent.
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .