Molson Coors profit jumps more than expected

Molson Coors Brewing Co (TAP.N) reported a higher-than-expected quarterly profit on Monday, helped by increased beer prices and savings from its U.S. joint venture with SABMiller Plc (SAB.L).

Tim Ghriskey, chief investment officer with New York-based Solaris Asset Management, cited aggressive cost-cutting by the maker of Coors Light and Molson Canadian as well as stronger-than-expected pricing.

"Expectations were low for this quarter. There was concern about price competition in Canada," said Ghriskey, whose firm does not own Molson Coors shares but follows the sector. "In this competitive environment, to raise prices certainly shows strong underlying demand."

Read Full Article from Reuters

- Posted: 2009-08-03 10:43:48

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