Molson Coors Brewing Co. saw its U.S. sales fall by more than 5 percent in the third quarter, as the company faced what it called "challenging market conditions."

The Denver brewing giant (NYSE: TAP) reported third-quarter adjusted earnings of $1.34 per share, which is what analysts polled by Thomson Reuters First Call were expecting.

Around the world, total net sales fell more than 2 percent from a year earlier to $2.88 billion; analysts expected $2.97 billion.

"Despite challenging market conditions in North America, we remain on track to deliver our 2017 business and financial plans and exceed our original cost savings targets and cash flow goals, as well as maintain our investment-grade debt ratings," said Mark Hunter, CEO, in a statement.

Read more at the Denver Business Journal: http://bit.ly/2zYIrGP