Molson Coors Brewing Co. delivered a bigger profit in the second quarter, handily beating analyst estimates.
The North American beer maker says its profit from continuing operations in the second quarter was $276.7-million (U.S.), or $1.50 per share.
Adjusting for numerous items, the company had $278.6-million or $1.51 of after-tax income in the second quarter of this year, up from $250.1-million or $1.38 per share a year earlier and 13 cents ahead of analyst estimates.
That’s more than double what the global beer company had a year earlier, when it recorded a number of items related to a major European acquisition.
Worldwide sales volume in the second quarter for Molson Coors was up 20.2 per cent, while net sales were up 17.9 per cent from a year earlier.
However, Canadian sales to retailers were down 4.3 per cent and sales volume for Molson Coors Canada fell 2.6 per cent.
Molson Coors attributed the weak Canadian market to unfavourable weather in key regions.
Molson Coors, which reports in U.S. currency, had $104.3-million or 57 cents per share of income from continuing operations in the second quarter of 2012.
Including discontinued operations, Molson Coors had $1.51 per share in net income, up from 57 cents per share a year before.
Analysts had estimated $1.38 per share of adjusted earnings and $1.41 of net income, according to data compiled by Thomson Reuters.