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MOLSON COORS BREWING

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Molson Coors Brewing : restates financial results for 2016 and 2017 due to tax errors

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02/12/2019 | 07:59am EDT

MONTREALMolson Coors Brewing Co. says it has restated its financial results for 2016 and 2017 due to income tax accounting errors.

The company, which keeps its books in U.S. dollars, says for 2016 it understated its deferred tax liability and income tax expense which resulted in an overstatement of its net income by US$399.1 million.

However, Molson Coors says the deferred tax liability required revaluation in 2017 due to U.S. tax changes and that resulted in an overstatement of its income tax expense and understatement of its net income of $151.4 million for the year.

The restated results came as the company reported a fourth-quarter profit of $76.0 million or 35 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $716.9 million or $3.31 per diluted share a year earlier.

Net sales totalled $2.42 billion, down from $2.58 billion.

Molson Coors says its underlying profit for the quarter amounted to 84 cents per diluted share, up from 62 cents per share a year earlier.

Companies in this story: (TSX:TPX)

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials ($)
Sales 2019 10 678 M
EBIT 2019 1 576 M
Net income 2019 1 040 M
Debt 2019 8 721 M
Yield 2019 3,27%
P/E ratio 2019 13,19
P/E ratio 2020 12,62
EV / Sales 2019 2,09x
EV / Sales 2020 2,02x
Capitalization 13 604 M
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Technical analysis trends MOLSON COORS BREWING
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 68,6 $
Spread / Average Target 9,2%
EPS Revisions
Managers
NameTitle
Mark R. Hunter President, Chief Executive Officer & Director
Peter H. Coors Chairman
Tracey I. Joubert Chief Financial Officer
Andrew Thomas Molson Director
H. Sanford Riley Independent Director
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