Beers firm Molson Coors Brewing Company (NYSE:TAP; CVE:TPX) shares are up 2.7% ahead of Wednesday’s open after reporting better-than-expected fourth quarter results.
The brewer earned 62 US cents per share for the quarter, beating market expectations for 56 US cents per share.
READ: Brewer Molson Coors' shares rise after headline second quarter profits see strong gains, though revenues light
Full year net income was reported at US$1.4bn, up some 379% from the previous year. The company managed to generate US$1.87bn of operating cash flow during the year and it highlighted that there was US$255mln of cost savings in 2017.
"2017 marked the first full year of the bigger, stronger Molson Coors, and our full year results demonstrated balance and progress against both our bottom-line and top-line goals,” said chief executive Mark Hunter.
He added: "Across Molson Coors, against a backdrop of integration and challenging market conditions during 2017, we delivered financial and commercial results that demonstrate our balanced priorities for bottom-and top-line growth are working.
“In 2018, our First Choice focus across regions will continue to strengthen and premiumize our brand portfolio, while deepening our customer relationships.”
In premarket deals, Molson Coors stock was up US$2.05 per share or 2.7% trading at US$77.75.