Net income attributable to Molson Coors increased 137.0% to $222.1m for the fourth quarter, up from $93.7m a year ago. Underlying after-tax income increased 85.5% in the fourth quarter to $190.3m, or $1.02 per diluted share, up from $102.6m, or $0.55 per diluted share, a year ago.
Full-year net income attributable to Molson Coors increased 90.2% to $720.4m, while 2009 underlying after-tax income increased 40.7% to $707.4m, or $3.81 per diluted share.
“Underlying earnings for our company increased more than 85% in the fourth quarter vs a year ago, driven by a one-time reduction in tax rate,” said Peter Swinburn, Molson Coors president and CEO. “Behind the headline number, our results were affected by weak volumes across all markets, cost inflation in the US and UK and brand investments in Canada.”
Source: Molson Coors Brewing Company
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