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Molson Coors Brewing Co. said Wednesday it had net income of $201.3 million, or 93 cents a share, in the first quarter, up from $162.7 million, or 80 cents a share, in the year-earlier period. Sales rose to $2.91 billion from $950.8 million. The FactSet consensus was for EPS of $1.29 and sales of $2.46 billion. Sales were boosted by the acquisition of MillerCoors which was completed late last year. Chief Executive Mark Hunter said 2017 will be a transition year for the company following that deal. "First quarter underlying earnings were lower than last year, primarily due to higher brand amortization expense and weaker January and February volumes in the U.S. this year-- and because we were cycling strong earnings comparatives from last year," he said in a statement. Shares fell 0.9% in premarket trade, and are down 2% in 2017, while the S&P 500 has gained 6.8%.
Molson Coors' stock sheds 1.3% premarket after Q1 results
Worldwide brand volume up 2.1% to 19.7 mln hectoliters
Molson Coors Q1 sales $2.45 bln vs. $2.46 bln; FactSet consensus $2.46 bln
Molson Coors Q1 FactSet EPS consensus $1.29
Molson Coors Q1 adj. EPS 76 cents
Molson Coors Q1 EPS 93 cents vs. 80 cents a year ago
Molson Coors started at neutral with $105 stock price target at J.P. Morgan
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Molson Coors Brewing Co. produces and sells beer. It brews, markets and sells a portfolio of brands such as Coors Light, Molson Canadian, Carling, Blue Moon and Keystone Light across the Americas, Europe and Asia. It operates through the following segments: the United States, Canada, Europe, and Molson Coors International (MCI). It operates in Canada through Molson Coors Canada, in the United States through MillerCoors LLC, in Europe through Molson Coors Europe and Molson Coors International operating in various other countries. It also markets and sells its brands, which include Coors, Coors 1873, Coors Extra, Coors Gold, Iceberg 9000, King Cobra, Royal Brew, and Zima. in various international markets. The company was founded in 1873 and is headquartered in Denver, CO. (See Full Profile)
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| Craft Brew Alliance Inc. | $305.32M | |
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