Molson Coors Brewing Co. (NYSE:TAP) saw its shares rise today after reporting a strong gain in headline second quarter profit thogh adjusted earnings and revenue missed forecasts.
The brewer reported a second-quarter net profit of US$323.3mln, or US$1.49 a share, up from US$172.3mln, or 80 US cents a share, in the same period a year earlier.
However, excluding non-recurring items, the NYSE-listed firm’s adjusted earnings per share were US$1.66, below the consensus forecast of US$2.12, and revenue of US$3.09 bn, up from US$986.2mln a year earlier,was just shy of the $3.10bn consensus.
The group said its worldwide brand volume rose by 2.3% but in the US sales-to-retailers volume fell 1.9% as lower volume in Premium Light and Below Premium beers offset growth in Above Premium ones.
In pre-market New York trading, Molson Coors shares were up around 3% to US$89.19.