Molson Coors Reports Second Quarter Results

DENVER, Colo., and MONTREAL, Quebec – August 2, 2016 – Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported U.S. GAAP net income from continuing operations attributable to MCBC of $174.1 million, a 24.1 percent decrease versus a year ago, primarily due to non-cash special charges and other non-core costs related to our pending MillerCoors acquisition; alcohol prohibition in Bihar, India; and planned brewery closures, along with significantly higher sales and marketing expenses in the quarter. The Company also reported a 9.2 percent decrease in underlying after-tax income for the second quarter 2016, driven by lower worldwide volume, higher brand investments, and negative foreign currency movements, which were partially offset by positive mix, lower underlying net interest expense and higher underlying U.S. equity income. 

Molson Coors president and chief executive officer Mark Hunter said, “In the second quarter, we continued to focus on our First Choice ambition and on building a stronger, broader and more premium brand portfolio, underpinned by incremental sales and marketing investments, as we discussed on our first quarter earnings call. Progress in the quarter included net sales revenue per hectoliter growth on a constant currency basis in all of our businesses, strong Coors Light growth globally, improved core brand momentum, fast-growing innovations in key markets, and strong above-premium growth globally. We significantly increased investments behind our brands, although the timing of shipments and other short-term factors held back bottom-line performance in the quarter. In brands, Coors Light grew volume more than 4 percent globally -- including strong double-digit growth in Europe and Latin America -- and low single-digit growth in the U.S., its best performance here in nearly three years. As a testament to our First Choice approach, MillerCoors chieved for the first time in its history, the number-one position in the Tamarron Supplier Survey, which polls hundreds of U.S. distributors across all alcohol beverage suppliers."

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Molson Coors Reports Third Quarter Results
Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported U.S. GAAP net income from continuing operations attributable to MCBC of $202.5 million, an increase versus $13.7 million a year ago, primarily driven by cycling $275.0 million of impairment charges recorded for certain Europe brands last year, partially offset by special charges and other non-core expenses related to the MillerCoors transaction this year.  

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