Molson Coors to restate 2016, 2017 financial statements over accounting errors

  • Molson Coors said on Tuesday it would restate its financial statements for fiscal years 2016 and 2017 after auditors found accounting errors for income taxes related to deferred tax liabilities.
  • The company said the errors originated from its acquisition of remaining 58 percent stake in MillerCoors in 2016.
Cans of Molson Coors Brewing Co. Miller Lite and Coors Light brand beer
Daniel Acker | Bloomberg | Getty Images
Cans of Molson Coors Brewing Co. Miller Lite and Coors Light brand beer

Molson Coors said on Tuesday it would restate its financial statements for fiscal years 2016 and 2017 after auditors found accounting errors for income taxes related to deferred tax liabilities.

The errors originated from its acquisition of remaining 58 percent stake in MillerCoors in 2016, the company said in a filing with regulators, adding that its impact will not be material.

After restating, the financial results for fiscal 2016 will reflect an increase in Molson Coors' deferred tax liabilities and deferred tax expenses by $399.1 million, which in turn will pull down its net income and earnings per share.

For fiscal 2017, the restatements will reflect a reduction to deferred tax liabilities and deferred tax expense of $151.4 million, and a corresponding increase in net income and earnings per share.

Separately, the beer company also reported lower-than-expected quarterly sales for the fourth quarter, sending its shares down about 6.5 percent to $61.16 in early trading.