CANADA/US: Molson Coors sees sales, profits rise in 2013
- Full-year net profits leap by 28.1% to US$567.3m
- Net sales in 12 months of 2013 climb by 7.4% to $4.21bn
- Operating profits fall by 7.1% to $805.7m
- Volumes increase by 8.5%
Molson Coors released its 2013 results earlier today
Molson Coors has posted a healthy set of numbers for 2013, with sales and profits both increasing on growing volumes in the year.
The North American brewer said earlier today (13 February) that net profits in 2013 jumped by 28.1% to US$567.3m on the back of a 7.4% lift in sales, which totalled $4.21bn. Operating profits were down, however, by 7.1% to $805.7m.
The net profit figures were affected by a $70.5m difference between 2013's income tax expense ($84m) and the previous year's income tax ($154.5m).
In the fourth quarter, net profits more than doubled, increasing by 119.2% to $131.5m. Sales were flat, dipping by 0.2% to $1.03bn, with operating profits falling by 5.3% to $154.1m.
Again, income tax played a large part: Last year's Q4 payment was $13.7m while the company paid $68.8m in the corresponding quarter a year earlier.
For the year, beer volumes were up by 8.5% to 59.7m hectolitres, but were flat in the final quarter, totalling 14.1m hectolitres.
"Our US business improved results, especially late in the year, Europe performed well in a difficult environment, Canada struggled, and International made significant progress toward its goal of profitability by 2016," said president & CEO Peter Swinburn. "Particular challenges included Miller Lite in the US and Coors Light in Canada. Our focus on building our core brands, growing the above-premium segment of our portfolio, and driving sales revenue from innovation delivered significantly improved results this year.
"We are gaining momentum in the areas that will have the most impact on our financial results as markets begin to improve."
For Molson Coors' official statement, click here.
Click here for an in-depth look at the brewer's performance regionally.
The company's conference call is reported here.
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