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May 06, 2008 10:41 AM
MONTREAL–Molson Coors Brewing Co. has reported a 10.4 per cent rise in first-quarter net sales to US$1.36 billion as volume grew 2.8 per cent to 10.7 million hectolitres. The U.S.-Canadian beer company, reporting in American dollars, said Tuesday it earned $37.1 million or 20 cents per share in the 13 weeks ended March 30, up from a year-ago net profit of $4.4 million or three cents per share on sales of $1.23 billion. Income from continuing operations was up 140 per cent to $46.1 million thanks to "strong business performance in the U.S. and Canada and a lower effective tax rate, partially offset by accelerated incentive compensation expense and one-time debt extinguishment costs," the company stated. Adjusted earnings were 32 cents per share, beating the Thomson Financial analyst consensus forecast by four cents. "We are very pleased with our first-quarter results, which reflect continued strong momentum," stated CEO Leo Kiely. "Based on the strength of our brands, sales execution and cost-reduction initiatives, our U.S. and Canadian businesses once again delivered positive pricing and strong sales-to-retail and bottom-line growth. In the U.K., where challenging conditions still dominate the brewing industry, our team grew overall market share and net pricing." The company's overall performance met the target to accelerate $25 million or 10 cents per share of non-cash expense related to the long-term executive incentive plan into the first quarter. The Molson Coors business in Canada recorded a 41.5 per cent increase in underlying pretax income to $64.1 million, "driven by positive net pricing and a $9 million benefit from favourable foreign currency," the company stated. Canadian sales to retail increased 2.5 per cent, driven by continued double-digit percentage growth from Coors Light, Creemore and Carling. Underlying U.S. pretax income increased 36 per cent to $61.9 million, "driven by strong sales volume growth, higher net pricing and continued savings from cost initiatives." The British business lost $2 million.
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