Dominion Lending Centres Clearlease Reports Molson Coors first-quarter profits hit by post-Olympic letdown in Canada
VANCOUVER, BRITISH COLUMBIA – (May 3, 2011) Clearlease Reports Molson Coors Brewing Co.’s profits fell in the first quarter as its Canadian operations suffered from a post-Olympic letdown.
The Montreal and Denver-based brewer’s net income fell 21 per cent to US$82.9 million on rising costs for ingredients and fuel.
That equalled 44 cents per share in the period ended March 26. That’s down from US$104.6 million, or 56 cents per share, last year.
The company, which reports in U.S. dollars, posted a $42.6 million gain in discontinued operations last year from a settlement of Brazilian indemnity liabilities.
Net profit from continuing operations increased 33 per cent to $82.6 million and underlying after-tax income grow 17.1 per cent to $81.6 million.
Molson Coors revenue excluding excise taxes rose four per cent to $690.4 million.
Analysts expected earnings of 44 cents per share on revenue of $690.5 million.
In Canada, its underlying pre-tax profit decreased by 7.7 per cent in Canadian dollars as higher prices and cost reductions were more than offset by volume declines and higher material costs.
A stronger Canadian dollar reduced the profit decrease by $1 million to $54.4 million.
Molson Coors Canadian market share dropped after its Canadian sales to retail decreased by 6.9 per cent, compared to a decrease of 5.8 per cent for the industry.
Volume gains in new brands were more than offset by declines in established brands. Coors Light suffered a mid-single digit sales decline, while Molson Canadian was down by low double digits.
The brewer said the declines were lower compared to gains from last year’s Winter Olympics, continued economic pressures and additional competitive promotional activity.
“While we faced particularly difficult volume comparisons in Canada a we cycled last year’s Vancouver Winter Olympics, our volume trends in the U.S., U.K. and International improved versus recent quarters,” CEO Peter Swinburn said in a news release.
He noted efforts to reduce costs exceeded its goals.
Canadian sales volume decreased by 5.9 per cent overall to 1.7 million hectolitres.
Mark Swartzberg of Stifel Nicolaus said the Canadian sales decrease was about double his forecast.
“In Canada, the company lost share and the lap (from the Vancouver Olympics) was more challenging than expected,” he wrote in a report.
In the United States, pretax income increased 7.6 per cent to $101.8 million due to strong MillerCoors results.
Its underlying net income excluding special items increased 8.7 per cent to $236 million driven by higher prices, cost control and $5.9 million from MillerCoors one-time receipt of $14 million a third party. Molson Coors owns 42 per cent of MillerCoors.
MillerCoors domestic sales to retail decreased 1.4 per cent due to challenges facing the industry, but the trend was an improvement from the five previous quarters.
Molson Coors employs 15,000 people at 18 breweries and operations in more than 30 countries.
It has a portfolio of more than 65 strategic and partner brands, including Coors, Coors Light, Molson Canadian, Carling, Blue Moon, Keystone and Richard ‘s.
The company has a large presence in Britain and in the United States through MillerCoors, a joint venture with SABMiller .
The Molson Coors Brewing Co. was formed in 2005 following the merger between North American family-run breweries Molson Inc. and the Adolph Coors Company.
Founded in 1786, Molson is the largest Canadian brewer with seven breweries, including boutique breweries Creemore and Granville Island Brewing, and 3,000 employees located across the country.
On the Toronto Stock Exchange , Molson Coors shares fell $1.15 or 2.5 per cent at C$44.47 in morning trading.
Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BRITISH COLUMBIA – (May 3, 2011) Clearlease Reports Molson Coors Brewing Co.’s profits fell in the first quarter as its Canadian operations suffered from a post-Olympic letdown.
The Montreal and Denver-based brewer’s net income fell 21 per cent to US$82.9 million on rising costs for ingredients and fuel.
That equalled 44 cents per share in the period ended March 26. That’s down from US$104.6 million, or 56 cents per share, last year.
The company, which reports in U.S. dollars, posted a $42.6 million gain in discontinued operations last year from a settlement of Brazilian indemnity liabilities.
Net profit from continuing operations increased 33 per cent to $82.6 million and underlying after-tax income grow 17.1 per cent to $81.6 million.
Molson Coors revenue excluding excise taxes rose four per cent to $690.4 million.
Analysts expected earnings of 44 cents per share on revenue of $690.5 million.
In Canada, its underlying pre-tax profit decreased by 7.7 per cent in Canadian dollars as higher prices and cost reductions were more than offset by volume declines and higher material costs.
A stronger Canadian dollar reduced the profit decrease by $1 million to $54.4 million.
Molson Coors Canadian market share dropped after its Canadian sales to retail decreased by 6.9 per cent, compared to a decrease of 5.8 per cent for the industry.
Volume gains in new brands were more than offset by declines in established brands. Coors Light suffered a mid-single digit sales decline, while Molson Canadian was down by low double digits.
The brewer said the declines were lower compared to gains from last year’s Winter Olympics, continued economic pressures and additional competitive promotional activity.
“While we faced particularly difficult volume comparisons in Canada a we cycled last year’s Vancouver Winter Olympics, our volume trends in the U.S., U.K. and International improved versus recent quarters,” CEO Peter Swinburn said in a news release.
He noted efforts to reduce costs exceeded its goals.
Canadian sales volume decreased by 5.9 per cent overall to 1.7 million hectolitres.
Mark Swartzberg of Stifel Nicolaus said the Canadian sales decrease was about double his forecast.
“In Canada, the company lost share and the lap (from the Vancouver Olympics) was more challenging than expected,” he wrote in a report.
In the United States, pretax income increased 7.6 per cent to $101.8 million due to strong MillerCoors results.
Its underlying net income excluding special items increased 8.7 per cent to $236 million driven by higher prices, cost control and $5.9 million from MillerCoors one-time receipt of $14 million a third party. Molson Coors owns 42 per cent of MillerCoors.
MillerCoors domestic sales to retail decreased 1.4 per cent due to challenges facing the industry, but the trend was an improvement from the five previous quarters.
Molson Coors employs 15,000 people at 18 breweries and operations in more than 30 countries.
It has a portfolio of more than 65 strategic and partner brands, including Coors, Coors Light, Molson Canadian, Carling, Blue Moon, Keystone and Richard ‘s.
The company has a large presence in Britain and in the United States through MillerCoors, a joint venture with SABMiller .
The Molson Coors Brewing Co. was formed in 2005 following the merger between North American family-run breweries Molson Inc. and the Adolph Coors Company.
Founded in 1786, Molson is the largest Canadian brewer with seven breweries, including boutique breweries Creemore and Granville Island Brewing, and 3,000 employees located across the country.
On the Toronto Stock Exchange , Molson Coors shares fell $1.15 or 2.5 per cent at C$44.47 in morning trading.
Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports Molson Coors first-quarter profits hit by post-Olympic letdown in Canada
VANCOUVER, BRITISH COLUMBIA – (May 3, 2011) Clearlease Reports Molson Coors Brewing Co.’s profits fell in the first quarter as its Canadian operations suffered from a post-Olympic letdown.
The Montreal and Denver-based brewer’s net income fell 21 per cent to US$82.9 million on rising costs for ingredients and fuel.
That equalled 44 cents per share in the period ended March 26. That’s down from US$104.6 million, or 56 cents per share, last year.
The company, which reports in U.S. dollars, posted a $42.6 million gain in discontinued operations last year from a settlement of Brazilian indemnity liabilities.
Net profit from continuing operations increased 33 per cent to $82.6 million and underlying after-tax income grow 17.1 per cent to $81.6 million.
Molson Coors revenue excluding excise taxes rose four per cent to $690.4 million.
Analysts expected earnings of 44 cents per share on revenue of $690.5 million.
In Canada, its underlying pre-tax profit decreased by 7.7 per cent in Canadian dollars as higher prices and cost reductions were more than offset by volume declines and higher material costs.
A stronger Canadian dollar reduced the profit decrease by $1 million to $54.4 million.
Molson Coors Canadian market share dropped after its Canadian sales to retail decreased by 6.9 per cent, compared to a decrease of 5.8 per cent for the industry.
Volume gains in new brands were more than offset by declines in established brands. Coors Light suffered a mid-single digit sales decline, while Molson Canadian was down by low double digits.
The brewer said the declines were lower compared to gains from last year’s Winter Olympics, continued economic pressures and additional competitive promotional activity.
“While we faced particularly difficult volume comparisons in Canada a we cycled last year’s Vancouver Winter Olympics, our volume trends in the U.S., U.K. and International improved versus recent quarters,” CEO Peter Swinburn said in a news release.
He noted efforts to reduce costs exceeded its goals.
Canadian sales volume decreased by 5.9 per cent overall to 1.7 million hectolitres.
Mark Swartzberg of Stifel Nicolaus said the Canadian sales decrease was about double his forecast.
“In Canada, the company lost share and the lap (from the Vancouver Olympics) was more challenging than expected,” he wrote in a report.
In the United States, pretax income increased 7.6 per cent to $101.8 million due to strong MillerCoors results.
Its underlying net income excluding special items increased 8.7 per cent to $236 million driven by higher prices, cost control and $5.9 million from MillerCoors one-time receipt of $14 million a third party. Molson Coors owns 42 per cent of MillerCoors.
MillerCoors domestic sales to retail decreased 1.4 per cent due to challenges facing the industry, but the trend was an improvement from the five previous quarters.
Molson Coors employs 15,000 people at 18 breweries and operations in more than 30 countries.
It has a portfolio of more than 65 strategic and partner brands, including Coors, Coors Light, Molson Canadian, Carling, Blue Moon, Keystone and Richard ‘s.
The company has a large presence in Britain and in the United States through MillerCoors, a joint venture with SABMiller .
The Molson Coors Brewing Co. was formed in 2005 following the merger between North American family-run breweries Molson Inc. and the Adolph Coors Company.
Founded in 1786, Molson is the largest Canadian brewer with seven breweries, including boutique breweries Creemore and Granville Island Brewing, and 3,000 employees located across the country.
On the Toronto Stock Exchange , Molson Coors shares fell $1.15 or 2.5 per cent at C$44.47 in morning trading.
Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk