• Q1 like-for-like net profits fell by 55% to US$35.6m
  • Net sales increase by 20% to $828.5m
  • Operating profits drop by 8%, hitting $112m
  • Volumes up by 44% 
Molson Coors posted its Q1 results today

Molson Coors posted its Q1 results today

Molson Coors' StarBev takeover continued to hurt the brewer's bottom line as costs from the acquisition saw first-quarter profits tumble despite big sales and volumes gains.

Net profits slumped by 55% to US$35.6m in the three months to 30 March, the brewer said today (7 May). Net sales climbed by 20% to $828.5m over the same period while operating profits fell by 8% to $112m.

It was a similar result to Molson Coors' 2012 numbers, announced in February, when StarBev debts taken on during its acquisition in June last year pulled down net profits by 34%.

Molson Coors president & CEO Peter Swinburn said that despite the StarBev drag and bad weather affecting all markets, he remained optimistic for the full year. He said: “We grew share in Europe, saw relatively flat share in the US, and lost share in Canada. Our innovation programs got off to a fast start and reflect a pipeline that is both full and exciting.”

Europe sales volumes decreased 1% in the quarter, but volumes and profits performance “was particularly strong in the UK”, Molson Coors said. In Canada, sales volumes dropped by 1.9%. 

Molson Coors' share price was down by 2.5% as of 0930 EDT today.

Check back later for full coverage of Molson Coors' results.

To read the company's official statement, click here.