MOLSON COORS CANADA INC.
Le cours de l’action semble bénéficier d’un support à 40$. La moyenne mobile sur 50 jours vient de passer celle sur 100 jours. Par contre, on nesait pas si elle passera au dessus de celle sur 200 jours.
Sur un an, le titre a beaucoup mieux performé que l’indice (S&P TSX Composite). Il a en fait mieux résisté à la crise financière (depuis 1 ans : -12%, comparativement à -30% pour l’indice).
Nouvelles :
Le 15 mai, Molson Coors à annoncé une augmentation de son dividende trimestriel de 20% (de 0.20$ à 0.24$). La situation financière de l’entreprise est stable et la compagnie à dernièrement réduit ses coût de production et sa dette. (http://www.stockhouse.com/News/FinancialNewsDetailFeeds.aspx?n=12505798&src=cp)
Tuesday, May 05, 2009
(RTTNews) - Tuesday, beer brewer Molson Coors Brewing Co. (TAP, TAP-A.TO, TAP-B.TO) reported a year-over-year climb in profit for the first quarter, helped by higher beer pricing and cost reduction initiatives across the company. This more than offset the effects of a strong U.S. dollar, higher commodity prices and lower sales volume. Underlying earnings per share climbed 71% and came in above analysts' expectations. Following the announcement, the company's stock is trading up 12%.
In a separate communique, Molson Coors and SABMiller plc (SAB.L | Quote | Chart | News | PowerRating) announced first-quarter results for their joint venture, MillerCoors. Net income was sharply higher than the prior-year quarter for MillerCoors, on strong pricing and reduced price promotions despite continuing commodity cost pressures.
In a statement, Molson Coors president and chief executive officer, Peter Swinburn said, "In the first quarter, our strong brands, strategic initiatives, cost reductions and lower incentive compensation drove 75 percent profit growth for our company. We also achieved positive pricing and local-currency profit growth in each of our major markets. These positive factors more than offset continuing commodity inflation, unfavorable currency movements, a higher tax rate, and lower volume, particularly in the U.K."
Molson Coors First Quarter Results
Denver, Colorado-based Molson Coors reported net income of $75.7 million or $0.41 per share for the first quarter, a more than two-fold climb from $34.3 million or $0.19 per share in the year-ago quarter.
Income from continuing operations for the quarter surged to $79.6 million or $0.43 per share from $43.3 million or $0.24 per share in the comparable quarter a year ago.
On a non-GAAP basis, underlying after-tax income climbed to $98.8 million or $0.53 per share from $56.4 million or $0.31 per share in the prior-year quarter. On average, six analysts polled by Thomson Reuters estimated the company to report earnings of $0.33 per share for the first quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter dropped to $0.56 billion from $1.36 billion in the same quarter last year, and marginally missed four Wall Street analysts' consensus revenue estimate of $567.76 million.
The company also reported a 2.7% decline in worldwide beer volume, on a pro forma basis, to 10.516 million hectoliters. Worldwide Coors Light volume grew more than 4% from a year ago. First quarter beer volume also decreased 2.7% when compared with reported volume a year ago.
Molson Coors' Canada business, on a comparable basis, reported a 3.2% drop in Canada sales-to-retail, resulting in a market-share decrease of about three-quarters of a share point from a year ago. On a comparable basis, Canada sales volume was flat with last year at 1.76 million hectoliters. Comparable net sales per hectoliter were up 2.0% in local currency, driven by price increases across all major markets, partially offset by continued discounting activity.
In the U.K., owned-brand volume decreased 13.8% during the quarter, while the beer industry was down 8.0%, reflecting a weak economy in the U.K. In local currency, comparable U.K. net sales per hectoliter of owned products rose 11.6%, helped by higher net pricing, and positive sales mix.
Meanwhile, the company's volume grew about 26% in Global Markets, driven by the growth of Coors Light in China and Carling in Europe.
Operating income for the quarter rose to $117.2 million from $77.7 million in the prior-year quarter, while gross profit was $212.9 million, down from $521.6 million in the year-ago quarter.
Looking ahead……..
"We are pleased with the bottom-line momentum we have achieved leading into the peak summer selling season, but we nonetheless remain cautious about the rest of the year due to uncertainty around currency exchange rates and beer market volume trends, plus continuing commodity price inflation," Swinburn added.
MillerCoors First Quarter Results
Separately, Molson Coors said that MillerCoors' first-quarter net income was US$206.0 million, sharply higher than pro forma net income of US$136.6 million in the year-ago quarter. MillerCoors, the joint venture between Molson Coors and SABMiller, produces and markets the MillerCoors portfolio of brands in the U.S. and Puerto Rico. MillerCoors LLC is 58% held by SABMiller and 42% held by Molson Coors.
Excluding items, underlying net income for MillerCoors increased 46.3% to US$216.4 million from underlying pro forma net income of US$147.9 million in the prior-year quarter.
The company attributed the underlying profit growth to strong pricing and reduced price promotions, which more than offset higher commodity costs and a reduction in shipment volume.
MillerCoors' quarterly net sales increased 3.8% to US$1.716 billion from pro forma net sales of 1.652 billion in the same quarter last year. Excluding contract brewing and company-owned distributor sales, net sales rose 4.5% to US$1.609 billion. Third-party contract brewing volumes declined 10%.
Volume in hectoliters was 18.42 million, compared to pro forma 18.79 million in the prior-year quarter. Volume in barrels declined to 15.70 million from pro forma 16.01 million in the year-ago quarter.
Operating income for MillerCoors rose to US$213.8 million from $138.2 million in the prior-year quarter, while gross profit was $666.0 million, up from $635.4 million in the year-ago quarter.
In a statement, MillerCoors chief executive officer, Leo Kiely said, "We delivered growth on five of our six focus brands, and we increased profitability through strong pricing growth and reduced price promotions. These results demonstrate the strength of the MillerCoors portfolio in the face of a challenging economy and intense competition."
MillerCoors' domestic sales-to-retailers, or STRs, edged up 0.4% in the quarter, reflecting strong results from five of the six focus brands, offset primarily by declines in Milwaukee's Best. In addition, domestic sales-to-wholesalers, or STWs, were down 1%, while total STWs declined 2%, driven by a double-digit reduction in contract brewing volumes. Cost of goods sold per barrel increased by 5.3%, and domestic net revenue per barrel increased by 5.6%.
According to Molson Coors, pricing remained strong for MillerCoors, and domestic net sales per barrel, excluding contract brewing and company-owned distributor sales, increased 5.6% year-over-year.
Molson Coors also stated that MillerCoors is well on its way to deliver its stated goal of $500 million of annual cost synergies in three years. MillerCoors expects to achieve a total of US$238 million in synergies, surpassing its original forecast of US$225 million by the end of calendar year 2009. The company now expects to realize $128 million of synergies by June 30, 2009.
Stock Quote
In Tuesday's regular trading session, TAP is currently trading at $43.12, up $4.62 or 12.00% on a volume of 2.58 million shares. In the past 52-week period, the stock has been trading in a range of $30.76 to $59.51.
TAP-A.TO last traded on the Toronto Stock Exchange at C$43.00 on April 9, 2009. TAP-B.TO last traded at C$46.11 on May 1, 2009.
For comments and feedback: contact editorial@rttnews.com Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
Beta: 0.41
P/E: 29.168
Dividende: 0.24$
A/D: 2.587
D/E: 0.63
Conclusion:
C’est un titre qui a bien résisté à la crise. La situation économique de la compagnie est stable, en croissance constante. Suite à la fusion avec Coors, la compétition est beaucoup moins forte. Le titre verse un dividende trimestriel. Elle vient tout juste l’augmenter de 20%, ce qui laisse présager une bonne rentabilité de l’entreprise. Les bonne nouvelles ont probablement déjà été reflétées dans le prix du titre, mais on peut s’attendre à de bons résultats constants à long terme. C’est une compagnie du secteur discrétionnaire, un secteur habituellement cyclique (bien que son beta ne soit que de 0.41). Le titre devrait donc bien se porter face à une éventuelle reprise économique (long terme).
Aucun commentaire:
Enregistrer un commentaire