WASHINGTON (dpa-AFX) - Molson Coors Brewing Co. (TAP, TPX_A.TO, TPX_B.TO) said its first quarter profit dropped to $79.5 million from $82.9 million last year. On a per share basis, earnings were $0.44, flat with the prior-year quarter.
Underlying earnings per share were $0.47, up from $0.43 in the same quarter a year earlier. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share. Analysts' estimates typically exclude special items.
Net sales were up to $691.4 million from $690.4 million in the prior-year quarter. Analysts estimated revenues of $703.83 million.
The company noted that the 0.1 percent higher net sales was driven by positive beer pricing and sales mix across the company.
Molson Coors president and chief executive officer Peter Swinburn said, 'In the first quarter, underlying earnings per share grew 9.3 percent on positive beer pricing and sales mix across our company, along with continued results from cost-savings initiatives and stock repurchases in the second half of last year...'
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