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Wednesday, November 04, 2009
Molson Coors Earnings Up 37%
By Darryl R. Isherwood
FOXBusiness
Molson Coor’s Brewing Co. (TAP) announced third quarter earnings rose 37% on a derivative gain, cost cutting and a reduced tax rate.
Global beer markets will likely remain soft, the company said as fourth quarter sales were off in the U.S. Canada and the U.K.
Molson Coors posted earnings of $235.3 million, or $1.26 per share up from $171.3 million or 92 cents last year. Excluding items, earnings rose to $1.14 per share from 93 cents per share as the quarter’s tax rate was 9%, far below the expected long term rate of 22% to 26%.
Net sales fell 7.3% to 853.7 million as volume fell 2.9%.
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