6th Aug 2015 12:01
OTTAWA (Alliance News) - Molson Coors Brewing Co on Thursday reported second-quarter net income to company of USD229.0 million or USD1.23 per share, compared to USD290.9 million or USD1.56 per share, prior year. The company said net income declined 21.1% due to higher special and other non-core net charges, a higher tax rate and unfavourable currency movements. Underlying after-tax income income per share was USD1.41, for the quarter.
On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of USD1.32 for the quarter. Analysts' estimates typically exclude special items.
Molson Coors CEO Mark Hunter said, "In the second quarter, our underlying pretax earnings on a constant-currency basis increased 5.9%, driven by positive net pricing, along with results of cost savings initiatives. Due to a higher tax rate and unfavorable foreign currency, our underlying after-tax income decreased 9.9%."
Sales decreased to USD1.01 billion from USD1.19 billion last year. Analysts expected revenue of USD1.01 billion for the quarter. Sales were down 15.4% on a reported basis, and decreased 3.3% in constant-currency.
Copyright RTT News/dpa-AFX
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