DENVER (AP) — Molson Coors Brewing Co. (TAP) on Wednesday reported fourth-quarter net income of $588.8 million.
On a per-share basis, the Denver-based company said it had net income of $2.72. Earnings, adjusted for one-time gains and costs, came to 62 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The beer maker posted revenue of $3.21 billion in the period. Its adjusted revenue was $2.58 billion, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.6 billion.
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Molson Coors shares have fallen nearly 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has dropped 21 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TAP at https://www.zacks.com/ap/TAP