Molson Coors Brewing Co. said its normalized net income for the first quarter amounted to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.
EPS fell 7.2% year over year from 36 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $62.3 million, a decrease of 6.5% from $66.6 million in the year-earlier period.
The normalized profit margin rose to 8.9% from 8.2% in the year-earlier period.
Total revenue fell 14.2% year over year to $700.0 million from $816.0 million, and total operating expenses declined 12.9% year over year to $695.4 million from $798.4 million.
Reported net income decreased 52.5% year over year to $78.5 million, or 42 cents per share, from $165.1 million, or 89 cents per share.
