Molson Coors Adjusted Q3 Profit Beats, but Revenue Misses (TAP)

By Staff,

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Beer brewing giant Molson Coors Brewing Company ( TAP ) on Wednesday posted mixed third quarter earnings results, as profit beat expectations but revenue fell short of analysts' view.

The Denver-based company reported third-quarter net income of $197.7 million, or $1.09 per share, compared with $194.7 million, or $1.05 per share, in the year-ago period. Excluding special items, adjusted profit was $1.37 per share.

Revenue jumped 25% from last year to $1.2 billion. Sales were bolstered by better performance in the U.S., as well as the addition of the company's Molson Coors Central Europe operations.

On average, Wall Street analysts expected a smaller profit of $1.34 per share, albeit on higher revenue of $1.25 billion.

Molson Coors shares were unchanged in premarket trading Wednesday.

The Bottom Line
Shares of Molson Coors ( TAP ) have a 2.96% dividend yield, based on last night's closing stock price of $43.20. The stock has technical support in the $39-$40 price area. If the shares can firm up, we see overhead resistance around the $46 price level.

Molson Coors Brewing Company ( TAP ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: TAP

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