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.
- AB InBev, SABMiller - Here's what'll happen next
- Is time right for TWE to move for Diageo's wines?
- Will a sexed-up SABMiller tempt AB InBev?
- Is Brown-Forman at the end of the SoCo road?
- Making consumers the centre of your business
- AB InBev makes formal offer for SABMiller
- Diageo makes US$780.5m beer deal with Heineken
- SABMiller formally rejects AB InBev's offer
- Brito gives call to arms to SABMiller shareholders
- Carlsberg UK chief James Lousada quits
- The IWSR Duty Free/Travel Retail Summary Report 2015
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research