UPDATE: Molson Coors Posts Downbeat Q4 Earnings, Lifts Dividend

reported weaker-than-expected earnings for the fourth quarter. The company announced a $1 billion stock repurchase program and lifted its dividend by 11% to $0.41 per share. The Denver, Colorado-based company posted a quarterly profit of $94.1 million, or $0.50 per share, versus a year-ago profit of $137 million, or $0.74 per share. Its underlying after-tax income fell 21% to $102.1 million, or $0.55 per share. Its net sales shrank 5.3% to $974 million, while sales in constant currency rose 0.9%. However, analysts were projecting earnings of $0.69 per share on revenue of $969 million. Underlying EBITDA fell 14.6% to $273.9 million. At the end of the fourth quarter, total debt was $3.187 billion, and cash and cash equivalents totaled $624.6 million. Global beer volume slipped 0.3%. MillerCoors LLC posted a quarterly profit of $218 million, versus a year-ago profit of $241 million. Its net sales of slipped to $1.71 billion from $1.80 billion. Molson Coors president and chief executive officer Mark Hunter said, "Overall, 2014 was a good year for Molson Coors. We grew net sales in constant currency, as well as underlying EBITDA, free cash flow, after-tax income and earnings per share. Weak consumer demand continued across our largest markets, but we made good progress in building a stronger brand portfolio, delivering value-added innovation, strengthening our core brand positions, and increasing our share in above premium." Molson Coors Brewing shares fell 3.72% to $73.50 in pre-market trading.