Molson Coors Brewing Co. (TSX:TPX.B) has restated its financial results for 2016 and 2017 due to income tax accounting errors.
The Montreal-based company, which does its accounting and financial reporting in U.S. dollars, says that for 2016 it understated its deferred tax liability and income tax expense, which resulted in an overstatement of its net income by $399.1 million U.S.
However, Molson Coors says the deferred tax liability required revaluation in 2017 due to U.S. tax changes and that resulted in an overstatement of its income tax expense and understatement of its net income of $151.4 million for that year.
The restated results came as the company reported a fourth-quarter profit of $76.0 million, or 35 cents per diluted share, for the quarter ended December 31, 2018 compared with a profit of $716.9 million, or $3.31 per diluted share, a year earlier. Net sales totaled $2.42 billion, down from $2.58 billion.
Molson Coors says its underlying profit for the quarter amounted to 84 cents per diluted share, up from 62 cents per share a year earlier.
Molson stock opened in Toronto down $4.00, or 4.6%, to $84.00.
