US/CANADA: Molson Coors' H1 sales boosted by StarBev
- H1 net profits jump 70% to US$316m
- First-half net sales rise by 18.7% to $2bn
- Operating profits climb by 18% to $472.9m
- Q2 global beer volumes up 20% to 16.7m hectolitres
Molson Coors released its H1 results today
Molson Coors' StarBev takeover has boosted the group's H1 sales and profits but the group is forecasting "weak demand" across its markets for the rest of the year.
The group's overall net profits jumped by 70% to US$316m in the 28 weeks to the end of June, the Canadian and US brewer said today (6 August). Net sales rose by 18.7% to $2bn over the same period while operating profits climbed by 18% to $472.9m.
Molson's StarBev acquisition, completed in June last year, offset weak consumer demand in all of the company's regions, CEO Peter Swinburn said, adding that demand is expected to remain low for the rest of the year.
Second-quarter numbers were also affected by the StarBev buy, with net profits up by 165% to $278.4m and net sales climbing by 18% to $1.78bn. Operating profits rose by 29% to $360.9m in the quarter.
The company's global beer volumes increased by 20.2% to 16.7m hectoliters in the second quarter.
Second-quarter profits eclipsed H1 profits because costs related to the StarBev buy came through in Q1, when net profits fell by 55% despite big sales and volumes gains.
Molson Coors' share price was up by 2.5% as of 0932 EDT today.
To read the company's official statement, click here.
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