Coors 1st quarter net rises on UK acquisition
Adolph Coors Co. announced a first quarter profit rise of 33 per cent from last year, buoyed by its recent acquisition of the Carling business of Bass Brewers in the UK from Interbrew. Coors, the No 3 brewer in the U.S., reported quarterly net income of US$27.2 million, or 75 cents a diluted share, compared with US$18.3 million, or 49 cents a diluted share, in the year-earlier period. Included in the results are earnings after 2 February 2002 for Coors Brewers Ltd., the entity formed through its acquisition of the Carling brand and other British beers from Interbrew.
Coors completed its US$1.7 billion acquisition of Carling and other assets from the then world No 2 brewer Interbrew on 4 February. The quarter’s results also included a US$2.9 million. Shares of Coors rose modestly..
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