Company announces strong results for fourth quarter
Molson Coors Brewing Co. announced another strong quarter yesterday, driving its shares up more than 8 percent, after reporting results that blew past analysts’ forecasts.
Sales-to-retailers in the US were up a strong 5.5 percent. Coors’ faux-craft brand Blue Moon was reportedly up “double digits.’
Canadian STR’s were up slightly 0.7 percent and Europe segment STRs declined 6.0 percent
Molson Coors said profit for its fourth quarter ended Dec. 30 leaped to $173.1-million, up nearly 75 per cent from a year earlier, as stronger sales and a one-time tax gain helped counteract higher materials costs, special charges and lower British volume brought on by a ban on smoking in pubs.
Revenue topped $1.6-billion, up from $1.53-billion, even with only 13 weeks of sales during the latest quarter, compared with 14 in fiscal 2006.
Volume slipped 3.7 per cent to 10.5 million barrels, which the company attributed “entirely” to the shorter sales period.