Beer brewer Molson Coors Brewing Company (TAP) on Tuesday posted first quarter profits that beat Wall Street’s view, but its revenue fell shy of expectations.
The Denver-based company reported first quarter net income of $79.4 million, or 44 cents per share, compared with $82.6 million, or 44 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 47 cents per share.
Sales were mostly flat from last year to $691.4 million.
On average, Wall Street analysts expected a smaller profit of 42 cents per share, albeit on higher revenue of $703.8 million.
Molson Coors shares were inactive in premarket trading Tuesday.
The Bottom Line
Shares of Molson Coors (TAP) have a 3.04% dividend yield, based on last night’s closing stock price of $42.04. The stock has technical support in the $38-$39 price area. If the shares can firm up, we see overhead resistance around the $44-$46 price levels.
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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