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Molson Coors Brewing Q2 profit climbs 60.7% YOY

Molson Coors Brewing Co. said its second-quarter normalized net income amounted to $1.38 per share, compared with the S&P Capital IQ consensus estimate of $1.61 per share.

EPS rose 60.4% year over year from 86 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $298.1 million, an increase of 60.7% from $185.5 million in the prior-year period.

The normalized profit margin dropped to 9.6% from 18.8% in the year-earlier period.

Total revenue climbed 213.5% on an annual basis to $3.09 billion from $986.2 million, and total operating expenses rose 194.1% on an annual basis to $2.52 billion from $856.2 million.

Reported net income increased 84.3% from the prior-year period to $322.4 million, or $1.49 per share, from $175.0 million, or 81 cents per share.