Molson reports $1.37B loss in Q4 as arena, entertainment venue shutdowns continue

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MONTREAL — Molson Coors Brewing Co. says it incurred a US $1.37 billion net loss in its latest quarter as sports and live entertainment venues where it sells beverages remained closed amid COVID-19.

The beer giant, which reports earnings in U.S. dollars, says the fourth quarter net loss is a drop from last year when it reported a net income of US $163.7 million during the same period.

Molson says its loss for the period ended Dec. 31 amounted to US $6.32 per diluted share in comparison to a net income of US 75 cents per share last year.

Analysts on average had expected a profit of US 83 cents per share, according to financial data firm Refinitiv.

Sales during the quarter fell to US $2.2 billion, down from $2.4 billion the year before.

The company reported a full-year loss of US $949 million, which compared to a profit of US $241.7 million the year before.

This report by The Canadian Press was first published Feb. 11, 2021.

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The Canadian Press