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.

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