Molson Coors Brewing Co. (TAP: Quote, TPX.TO) reported that its fourth-quarter net income attributable to the company declined to $60.0 million or $0.33 per share, from $173.2 million or $0.95 per share in the same quarter last year.
Non-GAAP Underlying after-tax income for the quarter declined to $126.1 million from $176.0 million in the year ago quarter. Non-GAAP Underlying income per share decreased to $0.69 from $0.97 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Underlying after-tax income declined 28.4 percent for the fourth quarter 2012, driven by a higher underlying effective tax rate and the impact of cycling strong quarterly results the year before.
Net sales for the quarter rose to $1.03 billion from $937.3 million in the prior year quarter. Seven analysts had consensus revenue estimate of $1.07 billion for the quarter.
The company reported a 15.3 percent increase in fourth quarter worldwide beer volume and 9.9 percent higher net sales in the fourth quarter of 2012 due to the addition of Molson Coors Central Europe or MCCE operations in 2012.
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by RTT Staff Writer
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