TAP Q1 In-Line With J.P. Morgan Estimate

Molson Coors Brewing TAP released Q1 ‘11 EPS of $0.43 that J.P. Morgan reports was in line with its estimate of $0.44. “Better FX drove upside to our revenue estimate while topline fundamentals were weaker in Canada and slightly better in the UK,” Jefferies writes. “Lower spending helped to offset a GM miss and lower equity income from the MC JV. Net, fundamentals were soft, driven in part by a tough comp in Canada and a continued weak environment for beer in all 3 regions.” Molson Coors Brewing currently trades at $45.34.