CANADA: Molson Coors Q2 earnings double

By | 3 August 2009

Molson Coors has reported second quarter earnings more than twice higher than in the same period a year earlier.

Net income for the three months to the end of June rose by around 136% to US$187m, compared to $79.4m in the same period a year earlier, Molson Coors said today (03 August). Underlying earnings after tax rose by a fifth to $205m for the period.

"Our company is off to a solid start in the first half of this year, reflecting the benefit of our strong brands, strategic initiatives, and cost reduction programmes," said CEO Peter Swinburn.

Beer sales by volume slipped 3% for the second quarter.

Net sales fell to $798m, down from $1.76bn in the same quarter a year earlier. Net sales for the first six months of 2009 fell to $1.36bn, from $3.1bn last year.

For the full announcement, click here.

For Molson Coors Q1 results, click here.

An update, following the brewer's conference call, appears here.

Sectors: Beer & cider

Companies: Coors

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