Molson Coors Q4 adj. EPS 84 cents; FactSet consensus 79 cents

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Molson Coors stock drops after sales miss, financial restatements for ‘ineffective internal control’

Shares of Molson Coors Brewing Co. sank 6.4% in premarket trade Tuesday, after the beer brewer reported a fourth-quarter profit that beat expectations but missed on sales, as U.S. volumes fell. Net income fell to $76 million, or 35 cents a share, from $716.9 million, or $3.31 a share, in the same period a year ago, which included a one-time tax benefit. Excluding non-recurring items, such as charges asset abandonment and mark-to-market losses on hedges, adjusted earnings per share came to 84 cents, above the FactSet consensus of 79 cents. Sales declined 6.2% to $2.42 billion, below the FactSet consensus of $2.54 billion. Worldwide brand volume fell 1.5%, as a 5.1% decrease in the U.S. and 2% decline in Canada offset 3.3% growth in Europe. In the U.S., the decline was driven primarily in the premium light and economy segments. Separately, the company said it was restating 2016 and 2017 financial statements and reporting “ineffective internal control,” given the existence of “material weakness” associated with the restatements. The stock has dropped 14% over the past 12 months, while the S&P 500 has gained 2%.

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