Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

File photo of Coors Light and Moson Canadian on sale in Denver, Colo.

Ed Andrieski/AP

Molson Coors Brewing Co. missed expectations Tuesday as its net profit plummeted by more than half to $36.5-million (U.S.) in the first quarter.

The Denver and Montreal-based brewer, which reports in U.S. dollars, said it earned 20 cents per share in the period ended March 30. That was down from 44 cents per share in the prior year.

Underlining profit was $54.6-million or 30 cents per share, down from $85.3-million or 47 cents per share in the 2012 quarter.

Story continues below advertisement

Molson Coors said the decreases were largely attributable to its central European acquisition, which also helped to boost overall net sales by nearly 20 per cent to $828.5-million.

World-wide beer volume increased 20.3 per cent to 11.9 million hectolitres.

The company was expected to earn 34 cents per share in adjusted profits, according to analysts polled by Thomson Reuters.

The Canadian business underlying pretax income decreased 18.9 per cent to $37.3-million on lower beer volumes and higher spending on new brands.

Sales to retail decreased 1.4 per cent, partly due to weak Canadian markets, which were impacted by higher beer excise tax rates in Quebec last November.

Net debt was $4.14-billion, after deducting $512-million in cash and equivalents.

Molson Coors share of MillerCoors earnings decreased 1.3 per cent to $117.4-million.

Story continues below advertisement

The U.S. joint venture earned $271.9-million, down 1.2 per cent, due to lower volumes and higher costs to support the launch of Redd's Apple Ale and Third Shift Amber Lager.

The European business lost $3.8-million, an $8.6-million improvement in underlying pre-tax income due to higher prices and lower costs.

Europe sales volume decreased 1 per cent due to poor weather in March across the region, along with competitive value-brand activity in Romania and Hungary.

Molson Coors employs 15,000 people at 18 breweries and operations in more than 30 countries.

It has a portfolio of more than 65 strategic and partner brands, including Coors, Coors Light, Molson Canadian, Carling, Blue Moon, Keystone and Richard's.

The Molson Coors Brewing Co. was formed in 2005 following the merger between North American family-run breweries Molson Inc. and the Adolph Coors Company.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies