US/CANADA: Rising US sales boost Molson Coors
Rising sales in the US have helped drive growth during the third quarter at Molson Coors, the world's fifth-largest brewer.
The North American brewer said yesterday (31 October) that synergies from last year's merger of Molson and Coors and cost-cutting also drove profit growth.
The brewer, which produces brands including Molson Canadian and Coors Light, reported a 25% rise in net income to US$135.8m. Group sales rose 3.3% to $1.6bn as sales in the US rose 6%.
"US volume gains were driven by Coors Light, which grew for the sixth consecutive quarter," said Leo Kiely, Molson Coors president and CEO.
"Our Canadian teams continue to achieve strong profit growth driven by solid strategic brand performance and cost reductions. Our third-quarter results demonstrate consistent progress strengthening the fundamentals of our company, even while we face tough competitive and cost pressures in all of our markets."
Molson Coors saw volumes in Canada slide 2.5%, although higher pricing drove up revenues from the market by 6%.
In Europe, cost-savings drove a leap in earnings by 28%. However, volumes fell 4% on the year with Carling volumes in the UK down.
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