Molson Coors Brewing
posted a double-digit gain in earnings during the second quarter, driven by rising revenues and the favorable impact of currency exchange.
For the three months ended June 26, the brewer saw earnings shoot up 26.6% to $237.2 million, or $1.27 per diluted share, compared with earnings of $187.3 million, or $1.01 per share, in the same period a year ago. Analysts anticipated earnings of $1.20 per share.
Sales increased 10.6% to $883.3 million from $798.9 million, driven largely by expanding volume in Canada, the United Kingdom and international markets.
"Our brand and innovation strategies supported total-company pricing growth, while cost savings provided the resources to grow profitability despite challenging economic and beer industry conditions," said Peter Swinburn, president and chief executive officer.
Sales volume in Canada was up 2.6% to 2.5 million hectoliters, or approximately 66 million gallons. The U.K. market benefited from good weather and the FIFA World Cup soccer tournament, lifting the segment to a 0.7% volume increase compared with an almost 11% volume loss in the same period a year ago. However, sales volumes were weak for the MillerCoors U.S. segment.
Global beer volume fell 0.7% to 13.4 million hectoliters, or approximately 354 million gallons, during the quarter.
For the first half of the year, earnings spiked 30% to $341.8 million, or $1.83 per share, from $263 million, or $1.42 per share, a year ago.
Sales rose 13.7% to $1.54 billion from $1.36 billion.
-- Reported by Ross Tucker in New York.
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