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Molson Coors Brewing swings to loss in Q4

Molson Coors Brewing Co. said its fourth-quarter normalized net income came to a loss of 1 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

The per-share result swung to a loss from the prior-year profit of 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.8 million, compared with income of $42.5 million in the prior-year period.

The normalized profit margin declined to negative 0.1% from 5.0% in the year-earlier period.

Total revenue increased 171.7% on an annual basis to $2.29 billion from $844.4 million, and total operating expenses rose 163.0% from the prior-year period to $2.10 billion from $798.7 million.

Reported net income increased 4,231.2% year over year to $1.44 billion, or $6.65 per share, from $33.2 million, or 18 cents per share.

For the year, the company's normalized net income totaled $2.14 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.92.

EPS declined from $2.57 in the prior year.

Normalized net income was $456.7 million, a fall from $478.2 million in the prior year.

Full-year total revenue grew from the prior-year period to $4.88 billion from $3.57 billion, and total operating expenses grew on an annual basis to $4.41 billion from $3.21 billion.

The company said reported net income increased 455.6% year over year to $1.98 billion, or $9.27 per share, in the full year, from $356.0 million, or $1.91 per share.