Molson Coors Profit Nearly Doubles On Vancouver Brewery Sale

DENVER (AP) - Beer maker Molson Coors Brewing said Tuesday that its first-quarter profit nearly doubled as it sold a brewery in Canada.

Molson Coors, based in Denver, sells Coors Light, Blue Moon and other beers in North and South America, Europe and Asia. In the U.S., it's a part owner of MillerCoors, a joint venture with fellow beer maker SAB Miller PLC.

Molson Coors reported net income of $158.8 million, or 78 cents per share, in the three months ending March 31, compared with $81.1 million, or 43 cents per share, in the same quarter a year ago.

The company said it received $108.6 million in the quarter on the sale of a brewery in Vancouver, Canada.

Adjusted earnings - which remove the gain from the Canada brewery sale and other non-recurring items - came to 54 cents per share.

Revenue fell 6 percent to $657.2 million in the period.

Molson Coors shares fell 26 cents to $96.51 in morning trading Tuesday. Its shares are up 30 percent over the past year.

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