Molson Coors Q1 Profit From Cont. Ops. Decreases

(RTTNews) - Molson Coors Brewing Company (TAP, TPX.TO) reported first-quarter income from continuing operations to company of $79.2 million or $0.42 per share, compared to $165.3 million or $0.89 per share, prior year. Underlying after-tax income was $86.1 million or $0.46 per share, for the quarter.

The company reported a 15.8 percent year-over-year decrease in underlying after-tax income for the first quarter 2015, driven by unfavorable foreign currency and a higher tax rate that was cycling a large discrete tax benefit a year ago. Underlying EBITDA was $228.6 million in the first quarter, a 9.0 percent decrease from a year ago.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased to $700 million from $816 million last year. Analysts expected revenue of $718.21 million for the quarter. Net sales were down 14.2% on a reported basis, and down 3.0% in constant currency. Worldwide beer volume in the first quarter of 11.5 million hectoliters decreased 3.5 percent.

Molson Coors CEO Mark Hunter said, "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."