Molson Coors Hurt by Declining Beer Volumes
11 Fevereiro 2016 - 11:20AM
Dow Jones News
Molson Coors Brewing Co. reported lower profit and revenue for
its fourth quarter, hurt by lower earnings in its MillerCoors LLC
venture and declining beer volumes.
Molson Coors and its U.S. venture, MillerCoors LLC, have been
hurt lately by the rising popularity of craft brews and cocktails
over domestic lagers. Higher spending on marketing has offset the
benefits of cost-cutting.
Molson is planning to buy the rest of the MillerCoors LLC
venture in a $12 billion deal that would pave the way for SABMiller
PLC to cement its blockbuster sale to Anheuser-Busch InBev NV.
MillerCoors's brands include Miller Lite, Miller High Life and Blue
Moon.
In all for the period ended Dec. 31, Molson Coors said profit
fell to $32.8 million, or 18 cents a share, from $94.1 million, or
50 cents a share, a year earlier.
Excluding special items, per-share earnings slipped to 49 cents
from 55 cents. Analysts polled by Thomson Reuters had forecast 49
cents a share in earnings.
Molson cited currency movements, higher marketing investment and
the loss of Modelo brands and Heineken brewing contracts for the
lower profit.
Net sales fell 13% to $844.4 million, just missing analysts'
expectations for $844.8 million in sales. Molson Coors said sales
would have fallen 3.5% excluding currency impacts.
During the period, world-wide beer volumes fell 1.7%, though
Coors Light volume improved by 0.8%.
At MillerCoors, core profit fell 10% to $191.5 million, driven
by lower volume and increased spending on marketing and
technology.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
February 11, 2016 08:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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