Molson Coors, MillerCoors 1Q Profit Rises

The strong dollar is dragging on international sales for U.S. companies as they are translated from local currencies into the dollar. Molson Coors said that in the first quarter foreign currency movements hurt its pretax income by $9 million.

In the MillerCoors business in the U.S., revenue rose 4 percent in the quarter to $1.72 billion from $1.65 billion.

First-quarter profit rose 51 percent as sales of Coors Light and other brands were helped by higher prices and fewer promotions. MillerCoors earned $206 million for the period ended March 31 compared with a year-ago pro forma profit of $136.6 million.

Excluding employee relocation and retention costs, net income was $216.4 million.

MillerCoors is seeing heightened cost savings and boosted its expectations through 2009 for savings of $238 million, up from $225 million as it originally predicted.

___

AP Business Writer Vinnee Tong in New York contributed to this report.