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Money Molson Coors reports $217M Q4 profit, sales edge higher from year ago

19:00  12 february  2020
19:00  12 february  2020 Source:   msn.com

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Molson Coors Beverage Company to Webcast 2019 Fourth Quarter and Full Year Earnings Conference Call. Molson Coors to Cease Production at Irwindale, Calif., Brewery; Signs Agreement with Pabst Giving Them an Option to Purchase Irwindale Facility.

Molson Coors president and chief executive officer Mark Hunter said Through the year we further scaled our cost saving program which insulated us in part from the effects of weaker industry demand in North America, higher than anticipated input inflationary pressures and challenges associated with

a close up of a bottle © Provided by The Canadian Press

MONTREAL — Molson Coors Beverage Co. reported a fourth-quarter profit of US$163.7 million, up from US$76.0 million in the same quarter a year earlier.

The brewer, which keeps its books in U.S. dollars, says the profit amounted to 75 cents per share for the quarter ended Dec. 31, compared with a profit of 35 cents per share in the fourth quarter of 2018.

Net sales totalled nearly US$2.49 billion, up from nearly US$2.42 billion.

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The increase came as U.S. net sales rose 4.7 per cent compared with year ago, but fell 4.6 per cent in Canada. European net sales rose 1.1 per cent, while the international segment climbed 7.5 per cent.

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Molson Coors president and chief executive officer Mark Hunter said Net sales : .3 billion, decreased by 1.2% driven by volume declines and unfavorable foreign currency movements, partially offset by higher net pricing in all segments and favorable sales mix in Europe.

Global brewer Molson Coors Brewing Company TAP delivered weaker than expected fourth quarter Molson Coors ’ adjusted earnings of 46 cents were way behind the Zacks Consensus Estimate of 88 Earnings increased on a year -over- year basis driven by higher income in the U.S. and improved

Molson Coors says its underlying profit for the quarter amounted to US$221.5 million or US$1.02 per share compared with an underlying profit of US$182.3 million or 84 cents per share in the same period a year earlier.

Analysts on average had expected an adjusted profit of 78 cents per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 12, 2020

Companies in this story: (TSX:TPX.A, TSX:TPX.B)

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Stocks close higher as worries about coronavirus wane .
Stocks ended at all-time highs Wednesday as traders shook off concerns over how the coronavirus might impact corporate profits and the global economy. The Dow closed 275 points higher, while the S&P 500 gained 0.65% and the Nasdaq jumped 0.9%. UnitedHealth climbed more than 4% to lead the Dow higher. Nike, Apple and Caterpillar all rose more than 2%. Tech and energy were the best-performing sectors in the S&P 500, climbing more than 1% each.

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