Molson Coors, MillerCoors 1Q Profit Rises

Molson Coors and SABMiller PLC said sales to retailers by their joint U.S. venture rose 0.4 percent in the quarter and profits rose due to higher prices and fewer promotions. The companies said they expected to see more cost-savings from the nation's second-biggest brewer, which was formed last summer, to compete against industry leader Anheuser-Busch, which later sold itself to Belgium-based InBev.

Denver-based Molson Coors, which makes brands like British top-seller Carling, said its profits rose in the first quarter as it benefited from higher prices, handily beating analyst estimates.

The company said it earned $75.7 million, or 41 cents a share, in the three months that ended in March. That compares to earnings of $34.3 million or 19 cents a share, in the same period last year — before MillerCoors began.

Excluding one-time charges, Molson Coors earned 53 cents per share, higher than the 33 cents predicted by analysts, according to Thomson Reuters.

Net sales — total sales less excise taxes — were $559 million in the quarter, down from last year's $1.36 billion. But last year's figure includes the U.S. business which has since joined up in the MillerCoors venture. Analysts expected revenue of about $568 million.