Molson Coors reports Q1 earnings

DENVER, Colo. Brewing company Molson Coors reported its first-quarter earnings Tuesday.

The international brewer reported that its total worldwide beer volume declined 2.7% on a pro forma basis. Meanwhile, worldwide Coors Light volume grew more than 4%, compared with the year-ago period.

Net income attributable to Molson Coors increased $41.4 million, or 120.6%, to $75.7 million for the first quarter 2009.

Net income (after tax) increased $98.8 million, or $0.53 per diluted share, up from $56.4 million, or $0.31 per diluted share a year ago. This strong earnings performance was driven by increased beer pricing and substantial cost reductions across the company, which more than offset continuing commodity inflation, unfavorable currency movements, and lower worldwide volume.

The company reports results associated with its former Brazilian unit, Cervejarias Kaiser ("Kaiser"), as discontinued operations. The company reported a loss of $3.9 million from discontinued operations during the quarter primarily due to the impact of foreign exchange movements on the Kaiser indemnity estimates.