DENVER (AP) — Beer maker Molson Coors Brewing said Tuesday that its first-quarter profit nearly doubled aa 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 MillerCoors, a joint venture with fellow beer maker 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, Canada.
Adjusted earnings, to remove the gain from the Canada brewery sale and other non-recurring gains, came to 54 cents per share.
Revenue fell 6 percent to $657.2 million in the period.
Molson Coors shares have increased 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 percent. The stock has risen 32 percent in the last 12 months.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TAP at http://www.zacks.com/ap/TAP
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Keywords: Molson Coors Brewing, Earnings Report
