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Molson Coors Canada swings to loss in Q4

Molson Coors Canada Inc. said its normalized net income for the fourth quarter came to a loss of $90.0 million, compared with income of $11.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 8.5% from 5.4% in the year-earlier period.

Total revenue declined 7.3% year over year to $201.5 million from $217.3 million, and total operating expenses declined 5.3% from the prior-year period to $218.9 million from $231.2 million.

Reported net income totaled a loss of $80.5 million, or a loss of $4.31 per share, compared to a loss of $20.5 million in the prior-year period.

For the year, the company's normalized net income totaled $21.8 million, compared with income of $191.1 million in the prior year.

Full-year total revenue declined 60.6% from the prior-year period to $931.0 million from $2.36 billion, and total operating expenses declined 59.4% year over year to $882.4 million from $2.17 billion.

The company said reported net income totaled a loss of $280.4 million, or a loss of $15.02 per share, in the full year, compared with a loss of $4.8 million the prior year.