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Molson Coors Beats Q2 Estimates Despite Flat Net Sales

TheStreet

Molson Coors reported earnings Wednesday which sent shares of TAP up over 6% in the morning's trading. Earnings of $1.57, 10 cents higher than both the estimates and last year's second quarter earnings. Revenue of $1.2 billion were on target with the estimates and relatively flat compared to the same period in the prior year. The Canadian division was down as it suffered the effects of selling the rights to Modelo Brands earlier in the year as well as the decline of the Canadian dollar against the U.S. dollar. The European division was up 16% due to good pricing and geographic mix amid a central European flood that drove down sales in the area. Shares of Molson Coors are up 27% since the beginning of this year. Whalen MacHale reports for TheStreet from New York.