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 Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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