Molson Coors Brewing Co. saw its worldwide sales drop but saw profits rise in the third quarter.
The Denver-based beer giant (NYSE: TAP) reported net sales fell nearly 7 percent from $1.02 billion to $948 million, and worldwide volume fell 3.8 percent in the quarter, including a 3.3 percent drop in Coors Light volume around the world.
But income rose to $202.5 million, or 94 cents per share, in the quarter, up from $13.7 million, or 7 cents per share a year earlier. Adjusted earnings were $1.03 per share, down from $1.40 a year earlier, and analysts polled by Thomson Reuters First Call expected earnings of $1.12 per share.
"This is a historic time in the evolution of Molson Coors. Three weeks ago, we completed our acquisition of the remaining 58 percent stake in the MillerCoors’ joint venture, along with the Miller global brand portfolio. We emerge as the world’s third-largest brewer, bringing together Molson Coors and MillerCoors into a bigger, better organization," said Mark Hunter, CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2fremKU