Molson Coors Brewing reports Q3 (Sep) results, misses on revs; reaffirms FY17 targets (80.87)
- Reports Q3 (Sep) earnings of $1.34 per share, may not be comparable to the Capital IQ Consensus of $1.87; revenues (net sales) rose 204.3% year/year to $2.88 bln vs the $2.97 bln Capital IQ Consensus.
- Worldwide brand volume of 25.5 million hectoliters increased 0.6 percent due to strong growth in Europe and International, partially as a result of adding the Miller global brands business and also from growth in some of our core brands.
- Co reaffirmed the following FY17 targets: Underlying free cash flow: $1.2 billion, plus or minus 10 percent. Capital spending: approximately $650 million, plus or minus 5 percent. - Updated (formerly $750 million, plus or minus 10 percent).
- ""In reviewing our performance in the quarter, as well as year to date, we are building traction against our strategic priorities, as indicated by delivering growth in global brand volume, net sales per hectoliter and underlying EBITDA margin. Despite challenging market conditions in North America, we remain on track to deliver our 2017 business and financial plans and exceed our original cost savings targets and cash flow goals, as well as maintain our investment-grade debt ratings."