molson coors brewing co -b (TAP) Key Developments
Heineken Is Reportedly In Talks To Sell Czech Operations To Molson Coors
Sep 9 14
Heineken NV (ENXTAM:HEIA) is reportedly in talks to sell its Czech operations to Molson Coors Brewing Company (NYSE:TAP). "The talks are already a reality even if it is not certain how they will turn out," daily Lidove Noviny quoted one of two sources as saying. A Heineken spokesman declined to comment and the spokesman for Staropramen which is owned by Molson Coors, was not available to comment.
Molson Coors Brewing Company Announces Management Changes
Aug 29 14
Molson Coors Brewing Company announced that Simon Cox, 46, Managing Director of Molson Coors - UK and Ireland, will take over as CEO Europe succeeding Mark Hunter, who will take the top job at Molson Coors Brewing company when current President and CEO Peter Swinburn retires at the end of the year. The position reports directly to the CEO of the global business and serves on the company's Executive Leadership Team. Cox, a Master Brewer by training, is currently Managing Director of the UK and Ireland for Molson Coors. He has held a number of senior leadership positions with Carlsberg and Molson Coors since he joined the industry in 1989. Simon Cox's position as CEO Molson Coors Europe is effective from January 1, 2015.
Molson Coors and Heineken Expand Marketing Partnership in Canada
Aug 18 14
Molson Coors Brewing Company and Heineken N.V., announced that they have expanded their marketing partnership in Canada, whereby Molson Coors Canada will assume responsibility for distributing five additional Heineken brands in Canada. The new, multi-year agreement further strengthens the existing Molson Coors and Heineken relationship, which has developed over the past two decades. In addition to Heineken, Murphy's, Newcastle and Strongbow, Molson Coors Canada will assume the rights to market and sell Dos Equis, Sol, Tecate, Birra Moretti and Desperados. Beginning on January 1, 2015, Molson Coors Canada will have the rights to market and distribute these brands on behalf of Heineken. As part of the new agreement, Molson Coors has also agreed to extend the existing partnership with Heineken to distribute Coors Light in Ireland.
Molson Coors Brewing Company Presents at Barclays Capital Back-to-School Consumer Conference 2014, Sep-04-2014 09:00 AM
Aug 6 14
Molson Coors Brewing Company Presents at Barclays Capital Back-to-School Consumer Conference 2014, Sep-04-2014 09:00 AM. Venue: InterContinental Hotel, Boston, Massachusetts, United States. Speakers: Gavin D. Hattersley, Global Chief Financial Officer, Peter S. Swinburn, Chief Executive Officer, President and Director.
Molson Coors Brewing Company Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Free Cash Flow Guidance for Fiscal 2014
Aug 6 14
Molson Coors Brewing Company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $1,188.5 million against $1,178.0 million, operating income of $364.8 million against $345.7 million, income from continuing operations before income taxes of investees was $329.3 million against $297.2 million, income from continuing operations of $292.9 million or $1.56 per diluted share against $267.2 million or $1.44 per diluted share, net income attributable to company of $290.9 million or $1.56 per diluted share against $267.3 million or $1.45 per diluted share a year ago. Molson Coors' second quarter underlying after-tax earnings increased 7.9% to $292.7 million or $1.57 per share, driven by improved financial results in the U.S. and Europe, along with lower interest expenses. Underlying earnings per share increased nearly 7%, and U.S. GAAP after-tax earnings increased 9.5% versus a year ago.
For the six months, the company reported net sales of $2,004.5 million against $2,006.5 million, operating income of $569.0 million against $449.1 million, income from continuing operations before income taxes of investees was $498.9 million against $330.0 million, income from continuing operations of $457.7 million or $2.46 per diluted share against $298.0 million or $1.61 per diluted share, net income attributable to company of $454.3 million or $2.45 per diluted share against $295.8 million or $1.61 per diluted share, net cash provided by operating activities of $576.0 million against $591.0 million and additions to properties of $126.4 million against $149.7 million a year ago. Total debt at the end of the second quarter was $3.66 billion, and cash and cash equivalents totaled $506 million, resulting in net debt of $3.15 billion, which is $301 million lower than at the beginning of the second quarter and $612 million lower than a year ago.
In 2014 guidance, the company is raising full year guidance for underlying free cash flow and lowering guidance for capital spending and consolidated interest expense. It is increasing 2014 underlying free cash flow target to $775 million plus or minus 10%, up from $700 million, largely due to lower expected cash taxes, capital spending and cash interest. The company is reducing capital spending guidance to approximately $315 million, which is $15 million lower than the previous outlook. This is the result of continued focus on the effective use of cash, including ingraining the pack model in all meaningful capital allocation decisions. Anticipates 2014 underlying effective tax rate to be in the range of 12% to 16% and near the low end of the long-term range of 20% to 24% in 2015, assuming no further changes in tax loss, settlements of tax audits or adjustments to uncertain tax positions.