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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerAmong companies reporting earnings on Tuesday were Molson Coors Brewing Company (NYSE: TAP), who's fourth-quarter earnings soared 75%, and Wyndham Worldwide Corp. (NYSE: WYN), who's fourth-quarter profit climbed 13%.
Molson Coors also reported that sales rose 5% and that it garnered additional savings from its 2005 merger with Adolph Coors Co. The company also credited a tax benefit and favorable exchange rates for the good results.
For the quarter that ended December 30, net income totaled $173.2 million, or 95 cents per share, compared with $99.2 million, or 57 cents a share, in the year-ago quarter. Excluding special items, net income was 73 cents per share, beating an estimate of 65 cents a share from analysts surveyed by Thomson Financial.
Revenue grew in the quarter to $1.6 billion, slightly higher than analyst expectations of $1.55 billion. For the year, revenue totaled $6.2 billion, up from $5.8 billion in 2006. Full year net income totaled $497.2 million, or $2.74 per share, up from $361 million, or $2.08 a share in the previous year.
Molson Coors shares rose almost 10% today, to $49.66.
Hotel operator Wyndham reported that the rise in fourth-quarter profit was due mostly to increased lodging revenue. Earnings grew to $104 million, or 58 cents per share, compared with $92 million, or 48 cents per share, in the same period of prior year. Excluding a lawsuit settlement and other items, adjusted profit fell to $83 million, or 46 cents per share, which was in line with the expectations of analysts polled by Thomson Financial.
Revenue for the period ending December 31 climbed to $1.03 billion from $970 million in the previous year. Consensus estimates had put sales at $1.07 billion.
Annual net income rose 40% to $403 million, or $2.20 per share, from $287 million, or $1.44 per share, the year before. Adjusted earnings were $387 million, or $2.12 per share. Full-year sales increased to $4.36 billion, up 14% from $3.84 billion in 2006.
Wyndham shares rose 3.6% today, to $23.45 Shares had reached a 52-week low of $19.53 in January.
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