Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Molson Coors Restates Results on Tax Accounting Error (Correct)

Feb. 12, 2019, 12:49 PM

Molson Coors Brewing Co. is restating two years of results over accounting errors, saying the mistakes are “not material.” The company also posted sales that missed analysts estimates last quarter as volume decreased in the U.S. and Canada.

Sales amounted to $2.42 billion last quarter, short of the $2.54 billion average projection.

Key Insights

The brewer is restating results for 2016 and 2017 related to deferred tax liabilities for its partnership in MillerCoors.

Management concluded that the impact of the errors are “not material,” but there had been a “material weakness” in the company’s internal control over financial reporting.

Market ...