This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Molson Coors Reports Higher Net Sales And Lower Underlying After-Tax Income For The Fourth Quarter 2012

Molson Coors Brewing Company (NYSE: TAP)(TSX: TPX) today reported a 15.3 percent increase in fourth quarter worldwide beer volume and 9.9 percent higher net sales in the fourth quarter of 2012 due to the addition of Molson Coors Central Europe (MCCE) operations in 2012. Underlying after-tax income declined 28.4 percent for the fourth quarter 2012, driven by a higher underlying effective tax rate and the impact of cycling strong quarterly results the year before. Net income from continuing operations attributable to MCBC (a U.S. GAAP earnings measure) decreased 65.1 percent due to the factors mentioned above, as well as higher special charges and the impact of a 50 percent increase in the Serbian statutory corporate income tax rate in the quarter.

Underlying after-tax income in 2012 increased 1.3 percent to $710.5 million, or $3.91 per diluted share, due to the addition of MCCE operations on June 15, 2012. Full-year income from continuing operations decreased 34.5 percent to $441.5 million due to costs associated with the acquisition of MCCE. Underlying free cash flow increased to $864.7 million from $618.4 million a year ago, driven by an increase in operating cash flow primarily due to the addition of Central Europe and improvements in working capital.

Molson Coors president and chief executive officer Peter Swinburn said, “In the fourth quarter, our worldwide volume and net sales increased due to the addition of our Central Europe business, while underlying after-tax income declined 28 percent, driven by a higher tax rate this year and cycling strong quarterly results the year before, including an additional week in our fiscal 2011 and some other one-time factors that did not repeat.”

Swinburn added, “For the full year 2012, the biggest news was the acquisition of our Central Europe business, which we expect to strengthen our company, enhance our growth profile and increase shareholder value in the years ahead. We have begun implementing plans to capture synergies, leverage best practices and pay down debt related to this new business. This acquisition helped our worldwide volume grow by 14 percent, net sales by more than 11 percent, and underlying earnings per share by 4 percent. Also, Molson Coors generated $865 million of underlying free cash flow, up nearly 40 percent from 2011.”

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs