Molson Coors’ fourth-quarter profit rises on tax benefits, but worldwide volume falls
By The Associated Press
Molson Coors Brewing Co.’s fourth-quarter profit more than doubled because of favourable tax benefits even as it sold fewer beers, the international brewer (NYSE:TAP) said Tuesday.
Worldwide volume sold of the company’s beers, including Blue Moon and Coors Light, fell four per cent as people cut back on their purchases. Still, higher prices helped drive an 11 per cent rise in net sales to $820.8 million.
Shares listed on the New York Stock Exchange rose 69 cents to $42 in premarket trading. Molson Coors Canada shares listed on the Toronto Stock Exchange (TPX.B) closed Monday at C$43.85.
Montreal-and Denver-based Molson Coors has seen sales slip in its strongholds of Canada and Britain amid weak economies.
