Topic: Growth Stocks

The Wall Street Stock Forecaster Hotline – Friday, February 13, 2009

Article Excerpt

MOLSON COORS BREWING CO., $38.84, New York symbol TAP, reported that its earnings before unusual items rose 1.0%, to $512.6 million in 2008 from $507.4 million in 2007. However, per-share earnings fell 1.4%, to $2.76 from $2.80 on more shares outstanding. The company didn’t report its sales figures, but its beer volumes rose 4%. Molson Coors continues to work toward its goal of cutting its expenses by $250 million a year by the end of 2009. Its plan includes cutting jobs and improving efficiency by outsourcing certain administrative and other back-office functions. So far, the company has saved $178 million. The July 2008 merger of Molson Coors’ U.S. brewing operations into MillerCoors, a new, 42%-owned joint venture with Miller Brewing, should produce an additional $500 million in annual savings by June 2011. Already, the new partnership has cut its expenses by $28 million. These savings will help Molson Coors cope with a drop in sales to bars and restaurants as the…