Last $76.71 USD
Change Today +0.26 / 0.34%
Volume 686.0K
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As of 3:42 PM 11/25/14 All times are local (Market data is delayed by at least 15 minutes).

molson coors brewing co -b (TAP) Key Developments

Molson Coors Brewing Company Declares Quarterly Dividend on Class A and Class B Common Shares, Payable December 15, 2014

Molson Coors Brewing Company declared a regular quarterly dividend on its Class A and Class B common shares of USD 0.37 per share, payable December 15, 2014, to shareholders of record on November 26, 2014.

Molson Coors Brewing Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Molson Coors Brewing Company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, net sales were $1,168 million against $1,171.2 million last year. Operating income was $3.1 million against $195.7 million last year. Loss from continuing operations before income taxes was $33.2 million against profit of $172.4 million last year. Net loss from continuing operations was $33.9 million or $0.20 per diluted share against net income from continuing operations was $135.2 million or $0.72 per diluted share last year. Net loss attributable to the company was $34.4 million or $0.19 per diluted share against net income attributable to the company of $134.3 million or $0.73 per diluted share last year. Underlying EBITDA was $469.2 million in the third quarter compared to $481.3 million a year ago. Non-GAAP underlying after-tax income was $271.5 million or $1.46 per diluted share compared to $279.1 million or $1.51 per diluted share a year ago. Non-GAAP underlying pre-tax income was $331.6 million compared to $335.5 million a year ago. Underlying net income attributable to company was $376.7 million compared to $363.8 million a year ago. For the nine months, net sales were $3,172.5 million against $3,177.7 million last year. Operating income was $572.1 million against $644.8 million last year. Income from continuing operations before income taxes was $465.7 million against $502.4 million last year. Net income from continuing operations was $423.8 million or $2.26 per diluted share against $433.2 million or $2.33 per diluted share last year. Net loss attributable to the company was $419.9 million or $2.26 per diluted share against net income attributable to the company of $430.1 million or $2.34 per diluted share last year. Underlying free cash flow through the first three quarters of 2014 was $766.1 million, an increase of $19.3 million from the prior year, driven by higher net cash distributions from MillerCoors, as well as lower cash paid for pension contributions, capital expenditures and interest versus last year, which were partially offset by lower working capital benefits this year. Underlying EBITDA was $1,196.6 million compared to $1,147.9 million a year ago. Net cash provided by operating activates was $1,058.4 million compared to $1,030.0 million a year ago. Additions to properties amounted to $195.8 million compared to $218.2 million a year ago. Underlying net income attributable to company was $1,114.3 million compared to $1,048.4 million a year ago.

Molson Coors Mulls Acquisitions

Molson Coors Brewing Company (NYSE:TAP) is seeking acquisitions. Tom Long, Chief Executive Officer of Molson Coors Brewing Company said, "In terms of bolt-on acquisitions, it's very true that many craft brewers are in the market right now and increasingly so. We are very engaged in a number of those discussions. We are actively looking at those that would create incremental shareholder value. It's also no secret that those valuations are extremely high right now."

Molson Coors Brewing Company, Q3 2014 Earnings Call, Nov 06, 2014

Molson Coors Brewing Company, Q3 2014 Earnings Call, Nov 06, 2014

Molson Coors Settles Lawsuit with Miller over Brand Distribution in Canada

Molson Coors and SABMiller are ending their 30-year relationship in Canada. Molson Coors will no longer distribute SABMiller beers in Canada after next April, under a settlement between the two multinational brewing companies. Molson Coors had sued to retain the Canadian distribution rights to beers such as Miller Genuine Draft and Miller Lite after SABMiller subsidiary Miller Brewing Co. gave notice in late 2012 that it wanted to end the agreement. Miller had alleged that Molson's Canadian subsidiary failed to meet volume sales targets and said it could do a better job of growing its own brands. Terms of the settlement, which averts a trial that was to take place later this year, were not immediately disclosed but spokesmen for both companies said they expect minimal disruption as a result of the split. The Miller beers under the distribution agreement represent less than 1% of Molson Coors' worldwide volume and around 5% of its Canadian volume.

 

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