DENVER (AP) — Beer maker Molson Coors Brewing said Tuesday that its first-quarter profit nearly doubled as it sold a brewery in Canada.
Molson Coors, based in Denver, sells Coors Light, Blue Moon and other beers in North and South America, Europe and Asia. In the U.S., it's a part owner of MillerCoors, a joint venture with fellow beer maker SAB Miller PLC.
Molson Coors reported net income of $158.8 million, or 78 cents per share, in the three months ending March 31, compared with $81.1 million, or 43 cents per share, in the same quarter a year ago.
The company said it received $108.6 million in the quarter on the sale of a brewery in Vancouver, Canada.
Adjusted earnings — which remove the gain from the Canada brewery sale and other non-recurring items — came to 54 cents per share.
Revenue fell 6 percent to $657.2 million in the period.
Molson Coors shares fell 26 cents to $96.51 in morning trading Tuesday. Its shares are up 30 percent over the past year.