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Molson Coors Reports Mixed Results As Volume Slides

Molson Coors (NYSE:TAP) reported Q1 EPS of

Avis Budget (NYSE:CAR) reported Q1 EPS of .12, which may not compare with estimates of a loss of .01. Revenues in the quarter came in at .62 billion, just beating estimates of .61 billion. The company reported preliminary revenues of .60 billion on May 1st. The company reaffirmed its FY outlook of EPS .35-.65, vs. estimates of .11 on revenues of .3 billion - .6 billion, vs. estimates of .45 billion. Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer commented on the earnings, "We are pleased with our first quarter results, with organic revenue growth ahead of enplanement growth and Adjusted EBITDA reaching record levels, excluding certain items. Travel demand across the majority of our markets remains healthy, and residual values of our vehicles in North America have proven to be significantly stronger than our original expectations. Our integration of Avis Europe is progressing as expected, and we remain confident in our ability to achieve million in annual synergy benefits by the first anniversary of the acquisition." Avis Budget shares are higher over 2% to .27 in early morning trading.
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.47, topping estimates of .43. Revenues in the quarter came in at 1.4 million, missing estimates of 3.5 million. The company said its worldwide beer volume was down 0.4% and sees annual underlying tax rate of 17%-21%. Molson Coors' Coors Light sales to retail rose 4%, driven by volume growth and market share gains in Canada the US and the UK Molson Coors president and chief executive officer Peter Swinburn said, "In the first quarter, underlying earnings per share grew 9.3 percent on positive beer pricing and sales mix across our company, along with continued results from cost-savings initiatives and stock repurchases in the second half of last year. By segment, the US posted a strong quarter, with underlying earnings growing nearly 17 percent, while UK and Canada underlying pretax income declined from a year ago. The US benefited from its strongest net sales per hectoliter quarter in three years. In Canada and the UK, we faced margin pressure from higher pension and input inflation, as well as increased marketing investments in the UK and cycling one-time costs in Canada. Despite the challenges, we continued to invest in our key brands across our company and to fill our innovation pipeline." Molson Coors is down over 2% in early trading .04.
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