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Molson Coors Brewing profit misses consensus by 19.8% in Q2

Molson Coors Brewing Co. said its second-quarter normalized net income was $1.06 per share, compared with the S&P Capital IQ consensus estimate of $1.32 per share.

EPS decreased year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $197.9 million, a decrease from $205.3 million in the prior-year period.

The normalized profit margin rose to 19.7% from 17.3% in the year-earlier period.

Total revenue decreased 15.4% on an annual basis to $1.01 billion from $1.19 billion, and total operating expenses declined 14.6% on an annual basis to $863.2 million from $1.01 billion.

Reported net income fell 20.9% from the prior-year period to $229.4 million, or $1.23 per share, from $290.0 million, or $1.56 per share.