US: Molson Coors responds to strike action
Molson Coors Brewing Co. has said that a strike at one of its breweries will not stop it shipping beer this summer.
Molson Coors said today (6 June), that workers at the brewery, in Edmonton, Alberta, have been on strike for the past week after a bargaining agreement expired and negotiations were unsuccessful. However, the company has said it aims to supply the Alberta market with supplies from other breweries.
The US brewer recently posted an improved performance in the first quarter of 2007, on the back of cost reductions and increased volumes.
First-quarter income from continuing operations after tax reached US$19.2m, and excluding special items, income from continuing operations was $25.1m, or $0.28 per diluted share, compared with an after-tax loss of $0.4m, or $0.01 loss per diluted share, in the first quarter 2006.
The results also came in ahead of analysts' forecasts, which had been for around $0.24 per share. Volumes rose by 2.9% to 10.4m hectolitres, while net sales increased by 6.5% to $1.23bn.
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