Beer seller Molson Coors Brewing Co. reported a first-quarter profit that fell to $79.2 million, or 42 cents a share, from $165.3 million, or 89 cents a share, in the same period a year ago, given lower core income, a higher tax rate and the negative effects of a strong dollar. Excluding non-recurring items, adjusted earnings per share came in at 46 cents, above the FactSet consensus of 45 cents. Revenue fell 14.2% to $700 million, below the FactSet consensus of $718 million, as worldwide beer volume declined 3.5%. Meanwhile, Coors Light volume increased 0.6%. "Our results for the first quarter reflect continued volume pressure in our largest markets and, as expected, a significant impact from foreign currency movements, a higher tax rate, and terminations of business contracts, all of which we discussed on our last earnings call," said Chief Executive Mark Hunter. The stock, which was indicated higher in premarket trade, has lost 1.3% year to date, while the S&P 500 has gained 1%.
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