molson coors brewing co -a (TAP/A) Key Developments
Molson Coors Brewing Seeking To Sell
Oct 1 15
Molson Coors Brewing Company (NYSE:TAP) has decided to evaluate the current market for the potential sale of the site and relocation of the brewery.
Gavin Hattersley to Resign as CFO of Molson Coors Brewing Company, Effective on or About November 13, 2015
Sep 8 15
On September 8, 2015, Gavin Hattersley notified Molson Coors Brewing Company of his intention to resign as the Chief Financial Officer of the Company in connection with his appointment as Chief Executive Officer of MillerCoors LLC. The effective date of Mr. Hattersley's resignation from the Company will be on or about November 13, 2015.
Molson Coors Brewing Company to Introduce Blue Moon Beer in Canada as Belgian Moon
Aug 17 15
Molson Coors Brewing Company has announced the introduction of Blue Moon, a wheat beer, as Belgian Moon, in Canada. The beer, which has captured a large and loyal audience of drinkers globally, will be brewed to the Blue Moon global standard and available nationally at select restaurants and bars beginning August 15, 2015.
Molson Coors Brewing Company Presents at Barclays 2015 Global Consumer Staples Conference, Sep-10-2015 09:45 AM
Aug 6 15
Molson Coors Brewing Company Presents at Barclays 2015 Global Consumer Staples Conference, Sep-10-2015 09:45 AM. Venue: InterContinental Boston, Boston, Massachusetts, United States. Speakers: Gavin D. Hattersley, Global Chief Financial Officer, Mark R. Hunter, Chief Executive Officer, President and Director.
Molson Coors Brewing Company Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015
Aug 6 15
Molson Coors Brewing Company reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $1,005.7 million against $1,188.5 million a year ago. Operating income was $314.3 million against $364.8 million a year ago. Income from continuing operations before income taxes was $290.0 million against $329.3 million a year ago. Net income from continuing operations was $231.6 million against $292.9 million a year ago. Net income attributable to the company was $229.0 million against $290.9 million a year ago. Basic and diluted net income $1.23 against $1.57 a year ago. Non-GAAP underlying attributable to the company per share was after-tax income was $263.8 million against $292.7 million a year ago. Non-GAAP underlying EBITDA was $455.3 million against $476.2 million a year ago. Underlying pretax earnings on a constant currency basis increased 5.9% driven by positive net pricing along with the results of cost-savings initiatives. Underlying pretax income was $327.9 million was down 0.9% but increased 5.9% on a constant currency basis. Underlying after-tax income decreased 9.9%, driven by a higher tax rate which was cycling a large discrete tax benefit a year ago and unfavorable foreign currency.
For the six months, the company reported net sales of $1,705.7 million against $2,004.5 million a year ago. Operating income was $439.6 million against $569.0 million a year ago. Income from continuing operations before income taxes was $383.5 million against $498.9 million a year ago. Net income from continuing operations was $312.3 million against $457.7 million a year ago. Net income attributable to the company was $310.1 million against $454.3 million a year ago. Basic and diluted net income attributable to the company per share was $1.67 against $2.46 a year ago. Non-GAAP underlying EBITDA was $683.9 million against $727.4 million a year ago. Underlying free cash flow for the first half of 2015 totaled $241.1 million, which represents a $90.6 million decrease versus the first 6 months of 2014. This decrease was primarily driven by lower underlying after-tax income, negative foreign currency and less benefit from working capital changes, including higher cash paid for taxes.
For the quarter, the company reported Volume in hectoliters of 8.623 against 8.726 a year ago.
For the six months, the company reported Volume in hectoliters of 14.255 against 14.639 a year ago.
For the year 2015, annual target for underlying free cash flow is $550 million, plus or minus 10% at July 31 foreign currency rates. The company expects capital spending to be approximately $300 million. The company expects 2015 MG&A expense in corporate to be approximately $110 million. Consolidated net interest expense to be approximately $120 million, which is based on foreign exchange rates and hedging positions at the end of the second quarter. Underlying effective tax rate to be in the range of 18% to 22%. After 2015, the company expects underlying tax rate to be near the low end of long-term range of 20% to 24% for the next few years, assuming no further changes in tax loss, settlement of tax orders or adjustments to uncertain tax positions.