Global brewer Molson Coors Brewing Company (TAP - Free Report) came out with fourth-quarter 2017 results, wherein adjusted earnings of 62 cents a share came ahead the Zacks Consensus Estimate of 56 cents and surged 31.9% year-over-year.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has missed the Zacks Consensus Estimate by an average of 27.8%.
Revenues: Molson Coors generated total revenue of $2,579.6 million that increased 4.5% year over year but came below the Zacks Consensus Estimate of $2,597 million.
Key Events: The company generated synergies and other cost savings of more than $255 million in 2017. Management now anticipates cost savings of $210 million in 2018 and $135 million in 2019.
Zacks Rank: Currently, Molson Coors carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Molson Coors’ shares are up nearly 1.7% during pre-market trading hours following the earnings release.
Check back later for our full write up on Molson Coors earnings report!
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