Molson Coors Brewing Company (TAP) filed Quarterly Report for the period ended 2009-09-26.
Molson Coors Brewing Company is world's fifth-largest global brewer. Molson Coors Brewing Company has 15000 employees worldwide 18 breweries and a broad portfolio of over 40 brands including Molson Canadian Coors Light and Carling. Molson Coors Brewing Company has a market cap of $7.27 billion; its shares were traded at around $45.18 with a P/E ratio of 14.3 and P/S ratio of 1.1. The dividend yield of Molson Coors Brewing Company stocks is 2.1%. Molson Coors Brewing Company had an annual average earning growth of 12.9% over the past 10 years.
Highlight of Business Operations:
We achieved approximately $18 million and $68 million of cost savings during the third quarter and first three quarters of 2009, respectively, as part of our three-year, $250 million Resources for Growth ("RFG") cost savings program. These cost savings include our 42% of RFG cost savings initiatives that were achieved by MillerCoors, which equaled $6 million in the first three quarters of 2009. Savings from the RFG program since its inception eleven quarters ago total $246 million.
MillerCoors accelerated synergy delivery timing, realizing $73 million in the third quarter, bringing the total for the first three quarters of 2009 to $183 million and $211 million since beginning operations on July 1, 2008. By the end of calendar year 2009, MillerCoors expects to achieve a total of $270 million in cumulative synergies, surpassing its original forecast of $225 million. While the timing of synergy delivery has accelerated, MillerCoors' $500 million synergy goal is unchanged. In addition to synergies, MillerCoors plans to deliver a further $200 million in cost savings by the end of 2012. MCBC's share would be 42% of the total savings.
The Canadian dollar ("CAD") depreciated versus the U.S. dollar ("USD") resulting in an approximate $9 million decrease to USD earnings before income taxes on a quarter over quarter basis during the third quarter. During the comparable thirty-nine week periods for 2009 and 2008, the CAD also declined versus the USD, resulting in an approximate $36 million decrease to USD earnings before income taxes.
The Canada segment recognized $3.8 million of special items in the third quarter of 2009 and $12.8 million in the first three quarters of 2009 related to costs associated with the Montréal brewery employee pension curtailment and severance, and the ongoing Edmonton brewery closure and restructuring expenses. See Part I—Financial Statements, Item 1 Note 6 "UNUSUAL OR INFREQUENT ITEMS" to the condensed consolidated financial statements for further discussion.
TAP is in the portfolios of Daniel Loeb of Third Point, LLC, Richard Aster Jr of Meridian Fund, Andreas Halvorsen of Viking Global Investors LP, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
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