CANADA/US: Molson Coors' CFO having positive impact - analyst
Coors saw healthy FY sales, but a sharp drop in profits due to M&A activity
The CFO of Molson Coors is "making his mark" with the company, giving the group's earnings potential this year greater confidence, according to an analyst.
Gavin Hattersley, who took over as Coors' global CFO last year, is already having a visible influence on the company, Nomura analyst Ian Shackleton said in a note today (14 February). "We like this approach of under-promising and over-delivering, which gives us further confidence for 2013 earnings," the analyst said.
Coors yesterday reported a 11.4% rise in full-year sales, but a sharp drop in full-year profits, due to the company's acquisition of StarBev last year.
Looking ahead, Shackleton predicted a "more benign outlook" for the group in 2013 with cost of goods sold (COGS) only up by "low single digits" in most markets.
But, he added: "We expect further cost-cutting targets to be set during 2013, for the C Europe/UK merger. We believe that our modelling of overall savings of US$50m per annum could be conservative."
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