DENVER (AP) — Molson Coors says its fourth-quarter profit more than doubled because of favorable tax benefits even as it sold fewer beers.
Worldwide beer volume sold fell 4 percent as people cut back on their purchases. Higher prices helped drive an 11 percent rise in revenue to $820.8 million.
The brewer says it earned $218.2 million, or $1.17 per share. That's up from $87.6 million, or 48 cents per share, in last year's fourth quarter.
Without one-time items, the company earned $190.3 million, or $1.02 a share.
Thomson Reuters says analysts predicted earnings per share of $1.10 on revenue of $784.4 million. They typically exclude one-time items from their estimates.
