Molson Coors warns of challenge ahead; shares fall
Posted 2012/11/07 at 10:09 am EST
Nov. 7, 2012 (Reuters) ? Molson Coors Brewing Co
Cans of Molson beer are seen on a production line during a news conference in Montreal, March 19, 2012. REUTERS/Christinne Muschi
The company behind beers such as Coors Light and Blue Moon said consumer demand for beer across its businesses declined in the third quarter.
The Central European business, which Molson acquired earlier this year, saw volume fall due to lower consumer demand, particularly in September.
In the current quarter, Molson said it expects difficult comparisons in Canada and Britain, and higher costs in the United States and Central Europe.
Third-quarter net income rose to $198.4 million, or $1.09 per share, from $197.4 million, or $1.06 per share, a year earlier.
Excluding special items, earnings were $1.37 per share. On that basis, analysts on average were expecting $1.34, according to Thomson Reuters I/B/E/S.
Net sales increased 25 percent to $1.20 billion, fueled by the Central European business, which makes the Staropramen brand.
MillerCoors, the combined U.S. operations of Molson Coors and SABMiller
Molson's Canadian, British and international businesses had lower earnings.
Sales to retailers fell 5.1 percent in Canada, 4.8 percent in Britain and 2.4 percent in the United States. It cited a shift in the timing of Canada Day in Molson's calendar, weak economic conditions in Britain, and one less selling day in the United States.
Molson shares were down $1.31 to $41.89 on the New York Stock Exchange.
(Reporting By Martinne Geller in New York; Editing by Jeffrey Benkoe and Maureen Bavdek)
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