Molson Coors Brewing (NYSE: TAP) reported Q1 EPS of $0.54, $0.11 better than the analyst estimate of $0.43. Revenue for the quarter came in at $657.2 million versus the consensus estimate of $625.87 million.

• Worldwide beer volume: 11.6 million hectoliters, increased 1.2%; Coors Light volume increased 3.5% worldwide
• Net sales: $657.2 million, decreased 6.1% on a reported basis, and increased 0.1% in constant currency
• Net sales per HL: $114.32, decreased 8.0%, or decreased 1.9% in constant currency
• U.S. GAAP net income from continuing operations attributable to MCBC: $159.3 million ($0.78 per diluted share), increased 101.1%
• Underlying after-tax income: $110.3 million ($0.54 per diluted share), increased 28.1%
• Underlying EBITDA earningss before interest, taxes, depreciation and amortization): $263.4 million, increased 15.2%

Molson Coors president and chief executive officer Mark Hunter said, “In the first quarter, we continued to focus on our First Choice ambition and on building a stronger brand portfolio, delivering value-added innovation, strengthening our core brand positions through incremental marketing investments, and continuing to premiumize our portfolio. We began to see the benefits flow to our top-line performance, as we grew worldwide volume, improved core brand momentum in key markets, introduced fast-growing innovations in all our businesses, and achieved strong above-premium growth globally, including in craft, flavored malt beverages and cider. We also continued to strengthen our business through improvements to our sales execution and revenue management capabilities, increased efficiency of our operations, and implementation of common global systems. As a result, Molson Coors reported significantly expanded gross, operating and pretax margins globally, along with growth of more than 28 percent in total-company underlying after-tax earnings, and more than 15 percent growth in underlying EBITDA versus a year ago. At the same time, we completed a common stock offering in January to fund about 20 percent of the pending MillerCoors transaction, and we made solid progress in our planning for the integration of MillerCoors and the Miller global brand portfolio. Completion of this game-changing transaction is still expected in the second half of this year, and we intend to be ready to go on day one following the close."

Mark added, "In the balance of 2016, we will continue to focus on our First Choice for consumers and customers ambition -- all driven through our Profit After Capital Charge lens and with the intent to drive total shareholder returns."

For earnings history and earnings-related data on Molson Coors Brewing (TAP) click here.