CANADA/US: StarBev buys pulls down Molson Coors FY profits, but helps sales rise
- FY net profits tumble by 34.5% to US$443m
- Net sales in 2012 increase by 11.4% to $3.92bn
- Operating profits also fall markedly, down by 35.2% to $437.6m
- Volumes jump by 34.4% to 25.3m hectolitres
Molson Coors posted its full-year results earlier today (14 February)
Molson Coors has posted rising sales and volumes for its full year, although profits have been hit by its M&A activity in 2012.
The North American brewer said earlier today (14 February) that its net profits last year plunged by 34.5% to US$443m. Net sales rose by 11.4% to $3.92bn, while operating profits also fell, by 35.2% to $437.6m.
For the last three months of 2012, net profits fell by 65.4% to $60m, while sales were up by 9.9% to $1.03bn. Operating profits in the final quarter tumbled by 65.5% to $59.7m.
Peter Swinburn, Coors' president & CEO, pointed to a "higher tax rate, cycling strong quarterly results the year before... and some other one-time factors that did not repeat," for the drop-off in Q4 earnings.
However, he talked up the benefits from the group's EUR2.65bn (US$3.54bn) acquisition of StarBev last June, saying it "helped our worldwide volume grow by 14%, net sales by more than 11%, and underlying earnings per share by 4%".
Shares in Molson Coors were today up slightly, by 0.56% at $44.87.
Check back later for more coverage of Molson Coors' FY results.
To read the company's official statement, click here.
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