Molson Coors Brewing Q2 Profit More Than Doubles - Quick Facts

(RTTNews) - Molson Coors Brewing Co. (TAP, TPX.TO) reported that its second-quarter net income attributable to the company rose to $278.4 million or $1.51 per share, from $105.1 million or $0.57 per share in the same quarter last year.

Underlying after-tax income grew to $278.6 million from $250.1 million last year. Underlying earnings per share increased to $1.51 per share from $1.38 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.38 per share for the quarter. Analysts' estimates typically exclude special items.

Underlying after-tax income increased 11.4 percent for the second quarter 2013, driven by the addition of a full quarter of Central Europe operating results this year, along with a lower effective tax rate and improved financial performance in our Europe and International businesses this year. The reduction in tax rate was primarily attributable to changes in Canada tax legislation during the quarter.

Net sales for the quarter rose to $1.18 billion from $999.40 million in the prior year quarter. Six analysts had consensus revenue estimate of $1.23 billion for the quarter. The company reported a 20.2 percent increase in second quarter worldwide beer volume and 17.9 percent higher net sales in the second quarter of 2013 due to the June 2012 acquisition of the company's Central Europe operations.

Meanwhile, MillerCoors LLC, the U.S. joint venture with SABMiller Plc (SAB.L, SABMRY.PK), posted second-quarter net income attributable to MillerCoors of $412.7 million, down from $438.3 million in the same quarter last year.

MillerCoors's Net Sales for the quarter slip to $2.159 billion from $2.224 billion last year.