Business

Molson Coors 4th-quarter profits up on higher U.S. sales

Molson Coors Beverage Co. reported a fourth-quarter profit of $163.7 million US, up from $76 million in the same quarter a year earlier.

$163.7 million US profit, up from $76 million a year earlier

The Molson Coors brewery is seen Wednesday, June 3, 2015 in Montreal. Molson Coors Brewing Co. topped expectations as it reported its fourth-quarter profit increased compared with a year ago, helped by higher sales. (Ryan Remiorz/The Canadian Press)

Molson Coors Beverage Co. reported a fourth-quarter profit of $163.7 million US, up from $76.0 million in the same quarter a year earlier.

The brewer, which keeps its books in U.S. dollars, says the profit amounted to 75 cents per share for the quarter ended Dec. 31, compared with a profit of 35 cents per share in the fourth quarter of 2018.

Net sales totalled nearly $2.49 billion, up from nearly $2.42 billion.

The increase came as U.S. net sales rose 4.7 per cent compared with year ago, but fell 4.6 per cent in Canada. European net sales rose 1.1 per cent, while the international segment climbed 7.5 per cent.

Molson Coors says its underlying profit for the quarter amounted to $221.5 million or $1.02 per share compared with an underlying profit of $182.3 million or 84 cents per share in the same period a year earlier.

Analysts on average had expected an adjusted profit of 78 cents per share, according to financial markets data firm Refinitiv.