Molson Coors Beats Estimates, Top Line Falls (TAP)

Mon. August 03, 2009; Posted: 10:01 AM

Aug 03, 2009 (SmarTrend(R) News Watch via COMTEX) -- TAP | Quote | Chart | News | PowerRating -- 8/3/2009-Molson Coors Brewing Company (NYSE:TAP) reported Q2 EPS $1.11, ex-items, topping consensus estimates of 97 cents. Revenues in the quarter fell 57.3% year-over-year to $798.9 million, but came in ahead of consensus estimates of 750.7 million. Molson Coors worldwide beer volume decreased 3.2% on a pro forma basis, "due to poor weather in key geographies, a weak global economy, and the Company's strategy in the U.K. to emphasize revenue growth over low-margin volume growth." Peter Swinburn, Molson Coors president and Chief Executive Officer, said "Our Company is off to a solid start in the first half of this year, reflecting the benefit of our strong brands, strategic initiatives, and cost reduction programs. In the second quarter, we again achieved positive pricing and local currency profit growth in each of our major markets, which helped offset the impact of lower volume, increased input costs and unfavorable currency movements. While we expect the balance of 2009 to present challenges in the areas of competitive price discounting in Canada and cost inflation across our company, we are addressing these issues by staying focused on building strong brands, reducing costs, generating cash, and driving shareholder value."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Molson Coors Brewing Co (TAP) click here. Molson Coors Brewing Co (TAP) has Short Term PowerRatings of 6. Details on Molson Coors Brewing Co (TAP) Short Term PowerRatings is available at This Link.

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