NEW YORK (AP) -- Profits at Molson Coors Brewing surged during the fourth quarter, though not as much as industry analysts had expected and sales of Coors Lite, its top beer, slipped.
While worldwide beer volume rose 1.2 percent, volume for Coors Light fell 1.9 percent.
It is the first quarter in which the brewer reported results that reflect its complete ownership of MillerCoors and its stable of brands, including Coors Lite, Miller Lite and Blue Moon.
There were a lot of one-time costs and charges that, if included, show a $608.1 million loss in the quarter. The largest charge was an impairment charge for the Molson brands in Canada.
"The completion of the MillerCoors transaction represents a step forward in the size and strength of our business, and this will drive some significant changes in our financial numbers in the near term," said CEO Mark Hunter.
The company earned $1.44 billion, or $6.65 per share, during the quarter. Earnings, adjusted for non-recurring gains, were 46 cents per share, while analysts polled by FactSet, on average, expected 88 cents per share.
The beer maker's revenue doubled to just under $2.47 billion, but that was still short of the $2.56 billion that Wall Street was looking for.
Shares of Molson Coors Brewing Co. were essentially flat in early trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TAP at https://www.zacks.com/ap/TAP
Keywords: Molson Coors Brewing, Earnings Report