Molson Coors Brewing misses by $0.04, beats on revs; raises dividend 16%
Reports Q4 (Dec) earnings of $0.68 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $0.72; revenues fell 0.2% year/year to $1.03 bln vs the $1.01 bln consensus.
Co announced a 16 percent increase in its dividend for the first quarter of 2014 and reported 0.2 percent lower underlying after-tax income for the fourth quarter 2013, due to a higher underlying effective tax rate. Underlying fourth quarter pretax income increased 6.5 percent, driven by improved performance in the U.S. and Europe, along with less underlying interest expense versus a year ago. U.S. GAAP net income from continuing operations attributable to MCBC for the fourth quarter increased 118.3 percent due to lower U.S. GAAP income tax expense and higher non-core gains, along with improved financial results in the U.S. and Europe. Worldwide beer volume increased 0.1 percent. Net sales declined 0.2 percent in the fourth quarter of 2013, driven by unfavorable foreign exchange.
Co announced a 16 percent increase in its dividend for the first quarter of 2014 and reported 0.2 percent lower underlying after-tax income for the fourth quarter 2013, due to a higher underlying effective tax rate. Underlying fourth quarter pretax income increased 6.5 percent, driven by improved performance in the U.S. and Europe, along with less underlying interest expense versus a year ago. U.S. GAAP net income from continuing operations attributable to MCBC for the fourth quarter increased 118.3 percent due to lower U.S. GAAP income tax expense and higher non-core gains, along with improved financial results in the U.S. and Europe. Worldwide beer volume increased 0.1 percent. Net sales declined 0.2 percent in the fourth quarter of 2013, driven by unfavorable foreign exchange.