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Molson Coors 1Q profit rises on stronger beer sales<\/strong><\/p>\n DENVER \u00e2\u20ac\u201d Molson Coors Brewing Co., one of the world’s largest brewers, today reported a jump in first-quarter profit as it sold more beer and boosted overall net sales 10.4 percent despite higher costs.<\/p>\n The results were released as the Denver-based company works on a plan to combine its U.S. operations with SABMiller. Its stock climbed nearly 8 percent in early trading.<\/p>\n Molson Coors said net income for the quarter that ended March 30 totaled $37.1 million, or 20 cents per share, compared with $4.4 million, or 3 cents per share, in the year-ago quarter.<\/p>\n The company took a $7.3 million charge related to expenses for its joint venture plan with SABMiller, employee retention and other costs. Excluding the charge, the company earned 32 cents per share.<\/p>\n Net sales rose to $1.36 billion from $1.23 billion as business improved in all three of Molson Coors’ key markets, Canada, the United States and even Great Britain, where it has faced a challenging business environment. The cost of goods per barrel rose 5.5 percent overall.<\/p>\n Analysts polled by Thomson Financial predicted a profit of 28 cents on net revenue of $1.31 billion.<\/p>\n In the United States, sales to retail stores rose 6.6 percent on double-digit growth in the craft beer Blue Moon, Coors Banquet and Keystone Light. Growth for Coors Light was in the mid-single-digit range.<\/p>\n In Canada, sales to retail stores rose 2.5 percent as the company posted double-digit growth for Coors Light, Creemore and Carling. It also reported a $9 million benefit in favorable currency exchange.<\/p>\n In Great Britain, the company credited a 1 percent increase in sales volume to the Easter holiday and consumers stocking up before a beer excise tax increase.<\/p>\n Molson Coors said it cut costs by $29 million in the quarter as part of a three-year program where it pledged to achieve $250 million in cost savings.<\/p>\n Its shares rose $4.31 to $57.47 in morning trading after rising to a 52-week high of $57.74 earlier in the session.<\/p>\n![\"miller_coors_071009_ms.jpg\"](\"http:\/\/www.knowmoremedia.com\/uploads\/miller_coors_071009_ms-thumb.jpg\" "\\"miller_coors_071009_ms.jpg\\"")
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