Molson Coors' Stock Falls After Profit Miss

By Tomi Kilgore Markets MarketWatch Pulse

Shares of Molson Coors Brewing Co. dropped 2.7% in premarket trade, after the brewer missed fourth-quarter profit expectations. Net income rose to $1.44 billion, or $6.65 a share, from $32.8 million, or 18 cents a share, in the same period a year ago. Excluding non-recurring items, such as impairment charges related to Molson core brands, adjusted earnings per share came to 46 cents. The FactSet EPS consensus was 88 cents. Net sales rose to $2.29 billion from $844.4 million, as volume in hectoliters grew to 21.8 million from 7.8 million. The FactSet revenue consensus was $2.56 billion. "The biggest news for 2016 was completing our acquisition of the remaining 58 percent of MillerCoors and the Miller global brand portfolio for $12 billion, representing the largest transaction in the Company's history, which made Molson Coors the third-largest global brewer," Chief Executive Mark Hunter. The stock has lost 0.6% over the past three months through Monday, while the S&P 500 has climbed 7.6%.

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