Molson Coors Brewing Company (TAP) Beats the Street
An increase in prices and volume growth allowed Molson Coors Brewing Company (TAP, 82.47) to report fourth quarter earnings of $1.24 per share, excluding non-recurring items, $0.30 better than consensus. Revenues rose 10.6% year over year to $1.53 billion versus consensus of $1.44 billion.
TAP, which is the the brewer of Coors Light, said total net sales in the fourth quarter rose 10.6% to $1.53 billion. Sales by volume, which measures sales to wholesalers, increased 5.2% to 10.9 million barrels.
The benefits of pricing changes were first felt in the previous period after the company made adjustments to account for a challenging cost environment. In the latest period, cost of goods sold increased 10.5% to $927.1 million. TAP said that going forward it plans to continue to work on getting costs down and strengthening the fundamentals of its businesses worldwide.
During the quarter, TAP saw about $33 mln in merger synergies and other cost savings. The company's effective tax rate on the quarter was 24%, including special items, down from 37%.
At about 22.6x trailing 12-month earnings, the stock is trading at a premium to competitor Anheuser-Busch Companies Inc. (BUD, 50.23) at 19.9x. BUD, incidentally, is up today on merger rumors.
--Christine Marie Nielsen, Briefing.com
TAP, which is the the brewer of Coors Light, said total net sales in the fourth quarter rose 10.6% to $1.53 billion. Sales by volume, which measures sales to wholesalers, increased 5.2% to 10.9 million barrels.
The benefits of pricing changes were first felt in the previous period after the company made adjustments to account for a challenging cost environment. In the latest period, cost of goods sold increased 10.5% to $927.1 million. TAP said that going forward it plans to continue to work on getting costs down and strengthening the fundamentals of its businesses worldwide.
During the quarter, TAP saw about $33 mln in merger synergies and other cost savings. The company's effective tax rate on the quarter was 24%, including special items, down from 37%.
At about 22.6x trailing 12-month earnings, the stock is trading at a premium to competitor Anheuser-Busch Companies Inc. (BUD, 50.23) at 19.9x. BUD, incidentally, is up today on merger rumors.
--Christine Marie Nielsen, Briefing.com
Labels: Molson Coors Brewing Company, TAP
posted by Stock Administrator @ 7:47 PM
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