Molson Coors' Stock Slips After Profit Misses Expectations

By Tomi Kilgore Markets MarketWatch Pulse

Molson Coors Brewing Co. reported a second-quarter net profit of $323.3 million, or $1.49 a share, up from $172.3 million, or 80 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.66, below the FactSet consensus of $2.12. Revenue rose to $3.09 billion from $986.2 million, just shy of the FactSet consensus of $3.10 billion. Pro forma 2016 net EPS was $1.44 and revenue was $3.11 billion. The beer brewer said worldwide brand volume rose 2.3% to 26.4 million hectoliters, while net sales per HL fell 0.2% to $109.08. In the U.S., sales-to-retailers volume fell 1.9%, as lower volume in Premium Light and Below Premium offset growth in Above Premium. The stock slumped 1.3% in light premarket trade. It has dropped 8.3% year to date through Tuesday, while the S&P 500 has gained 10.6%.

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