Molson Coors 2Q Profit Climbs on Europe Strength
DENVER (AP) — Molson Coors' second-quarter profit rose 9 percent as better pricing offset a decline in the volume of beer globally.
The beer maker earned $290.9 million, or $1.56 per share, for the period ended June 30. A year earlier it earned $267.3 million, or $1.45 per share.
Removing one-time costs, earnings from continuing operations were $1.57 per share, which was a dime better than Wall Street had expected, according to a FactSet survey.
Revenue, after paying excise taxes, edged up about 1 percent to $1.19 billion from $1.18 billion. Wall Street was calling for revenue of $1.18 billion.
Worldwide beer volume dipped 0.9 percent.
Its U.S. joint venture with SABMiller PLC, MillerCoors, reported a 3.1 percent increase in net sales per hectoliter, which includes contract brewing and company-owned distributor sales.
In Europe, net sales per hectoliter climbed 1.9 percent mostly because of increased sales in the U.K.
Molson Coors Brewing Co. is based in Denver and Montreal.