Beermaker Molson Coors Brewing on Tuesday said its first-quarter profit nearly doubled as it sold a brewery in Canada.
Molson Coors, based in Denver, sells Coors Light, Blue Moon and other beers in North and South America, Europe and Asia. In the U.S., it’s a part owner of Miller Coors, a joint venture with fellow beermaker SAB Miller PLC.
Molson Coors reported net income of $158.8 million, or 78 cents per share, in the three months ending March 31, compared with $81.1 million, or 43 cents per share, in the same quarter a year ago.
The company said it received $108.6 million in the quarter on the sale of a brewery in Vancouver, British Columbia.
Adjusted earnings, which remove the gain from the Canada brewery sale and other non-recurring items, came to 54 cents per share. Revenue fell 6 percent to $657.2 million in the period.
Molson Coors shares closed up $1.54, or 1.59 percent, to $98.31 on Tuesday.
Its shares are up 30 percent over the past year.
