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Molson Coors Q1 profits surge, MGM Mirage Q1 profits tumble

On Tuesday, Molson Coors Brewing Co. (NYSE: TAP) reported a surge in its first-quarter profit, while MGM Mirage Inc. NYSE: MGM) blamed a drop in first-quarter profits on an economy that's discouraging consumer spending.

Denver-based Molson Coors, one of the world's largest brewers, said net income for the quarter that ended March 30 totaled $37.1 million, or 20 cents per share, compared with $4.4 million, or 3 cents per share, in the year-ago quarter. Excluding a charge related to a joint venture, the company earned 32 cents per share. Net sales after excise taxes rose 10% to $1.36 billion. Analysts polled by Thomson Financial predicted a profit of 28 cents on net sales of $1.31 billion.

Molson Coors shares rose $3.94, or 7.4%, to $57.10 in afternoon trading after rising to a 52-week high of $57.74 earlier in the day.

Las Vegas-based MGM Mirage said earnings fell 30% to $118.3 million, or 40 cents per share, compared with the same quarter a year ago. Revenue for the world's second-largest casino company slipped 3% to $1.88 billion, and fell short of expectations of analysts surveyed by Thomson Financial. They had forecast net income of 43 cents per share on revenue of $1.9 billion.

MGM shares rose 6.6%, or $3.23, to $51.85 in trading Tuesday, but fell to $51.60 in after-hours trading.

While these results may suggest that consumers are spending their increasingly scarce entertainment dollars closer to home, its worth noting that Walt Disney Co. (NYSE: DIS) Tuesday reported a 22% rise in its Q2 net profit.

Visit AOL Money & Finance for more earnings coverage.

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Last updated: May 18, 2008: 05:34 AM

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