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Molson Coors Brewing Company

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Molson Coors delivered better-than-expected earnings and revenues in the first quarter of 2015, owing to the company’s continued focus on building brand strength and achieve positive pricing. However, both earnings and revenues declined in double-digits due to foreign currency movements and lower volumes. Lower volumes in the Europe and Canada and the loss of the Modelo brands resulted in the earnings decline. Currency headwinds had offset positive pricing. We note that Molson Coors has struggled with weak sales volume for the past few years owing to weak consumer demand in the face of macro-economic headwinds. Nevertheless, we believe that the company’s cost-savings initiatives and increased marketing investments have the potential to drive volumes over the long term.


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