Molson Coors Brewing Co. reported quarterly profit that blew past Wall Street estimates on Tuesday, helped by an improved performance in its U.S. business and the addition of operations in Europe.
The maker of Molson Canadian, Coors Light and Blue Moon beers reported net income of $105.1-million (U.S.), or 57 cents per share, in the second quarter, down from $222.8-million, or $1.18 per share, a year earlier.
Excluding one-time items, including financing and acquisition-related charges, earnings were $1.38 per share. On that basis, analysts, on average, were expecting $1.19 a share, according to Thomson Reuters I/B/E/S.
The company acquired East European brewer StarBev in June in a $3.4-billion deal that expands its presence outside of its three core markets of Britain, Canada and the United States.
Net sales were $999.4 million, higher than $933.6-million a year earlier and analysts’ estimate of $934.8-million.
The company sold 13.9 million hectoliters of beer, a 6.4 per cent increase from the prior year.
Earlier Tuesday, MillerCoors - the combined U.S. operations of Molson Coors and SABMiller - posted a 9.1-per-cent rise in net income, driven by price increases, a move toward more expensive beers and continued cost savings.