Molson Coors Profit Falls As Currencies, Lower Volumes Weigh
Molson Coors Brewing Company said Tuesday it is raising its dividend by 11% and prepping a $1 billion share buyback, as it reported fourth-quarter earnings. The company said it had net income of $93.2 million, or 55 cents a share, down about 32% from the year earlier due to a higher tax rate, foreign currency moves, lower worldwide volumes and increased investments. Sales fell 5.3% to $973.8 million. The FactSet consensus was for EPS of 69 cents and sales of $969 million. "Weak consumer demand continued across our largest markets, but we made good progress in building a stronger brand portfolio, delivering value-added innovation, strengthening our core brand positions, and increasing our share in above premium," Chief Executive Mark Hunter said in a statement. The company raised its quarterly dividend to 41 cents a share from 38 cents, beginning in the first quarter. Shares were not yet active in premarket, but are down 0.4% in the last three months, while the S&P 500 has gained 0.4%.
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