Molson Coors Brewing Co (NYSE: TAP) reported Q2 EPS of $1.56, $0.10 better than the analyst estimate of $1.46. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.18 billion.

• Worldwide beer volume: 16.6 million hectoliters, decreased 0.9%
• Net sales: $1.2 billion, increased 0.9%, or up 0.5% on a constant currency basis
• U.S. GAAP net income from continuing operations attributable to MCBC: $290.7 million ($1.56 per diluted share), an increase of 9.5%
• Underlying after-tax income: $292.7 million, increased 7.9% ($1.57 per diluted share)
• Underlying EBITDA (earnings before interest, taxes, depreciation and amortization): $476.2 million, increased 4.0%

olson Coors president and chief executive officer Peter Swinburn said, “In the second quarter, Molson Coors increased underlying after-tax income nearly 8 percent, grew underlying EBITDA 4 percent, and expanded gross, operating and after-tax margins. Underlying earnings per share increased nearly 7 percent, and U.S. GAAP after-tax earnings increased 9.5 percent versus a year ago. We continued to build a bigger and stronger brand portfolio that is delivering value-added innovation; continued investment in our core brands; and increased our share in above premium. As a result, we achieved positive pricing and mix, resulting in higher net sales in the quarter. We also continued to improve our operations by reducing costs, implementing common processes, and focusing on Profit After Capital Charge, or PACC, as the key driver for our cash and capital allocation strategy.”

Swinburn added, “In the second half of 2014, we will manage through the aftermath of the flooding in Central Europe and the loss of the Modelo brands in Canada. We also expect higher brand investments in all of our businesses, which is part of our strong and consistent execution of our brand-led profit growth strategy as a driver of total shareholder return. This strategy is generating steady, growing pretax profit; a strong and increasing EBITDA; and strong cash returns to shareholders and will have an even greater impact as market conditions continue to improve.”

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