Molson Coors Posts Lower 1Q Profit

IndustrialsReuters

Molson Coors Brewing Co (NYSE:TAP) reported a drop in quarterly net earnings on Tuesday, from the year-earlier period when it recorded a one-time gain.

The maker of Coors Light, Molson Canadian and Blue Moon beers said net income was $82.9 million, or 44 cents per share in its first quarter, down from $104.6 million, or 56 cents per share, a year earlier.

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Net sales rose to $690.4 million, from $661.0 million.

Earlier on Tuesday, MillerCoors, the combined U.S. operations of Molson and SABMiller PLC said its profit rose 8.7 percent as it raised beer prices and continued to cut costs.

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