Coors’ shares take a beating
Adolph Coors Co. reported a 27 percent increase in fourth-quarter 2002 net income, but its results missed Wall Street’s estimates amid declining net sales in the Americas. On the announcement Coors’ shares dropped about 15 percent because earnings were under expectations. On 6 February 2003, the brewer announced it had a net income of US$20.2 million, or 55 cents a share, up from US$15.9 million, or 44 cents a share, in the year-earlier period. Excluding restructuring expenses and other items, Coors said it would have earned US$23.1 million, or 63 cents a share, in the latest quarter, up from US$17.9 million, or 49 cents a share, a year earlier.
Sales doubled to US$1.33 billion from US$652.5 million. Excluding excise taxes, net sales rose 76 percent to US$981.1 million.S. Coors added..
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