Molson Coors meets 3Q profit forecasts

Markets Associated Press

(Reuters)

Molson Coors Brewing Co. (TAP) on Wednesday reported third-quarter earnings of $280 million.

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On a per-share basis, the Denver-based company said it had net income of $1.29. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were $1.34 per share.

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The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of $1.34 per share.

The beer maker posted revenue of $3.55 billion in the period. Its adjusted revenue was $2.88 billion.

Molson Coors shares have dropped 17 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. The stock has fallen 22 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TAP at https://www.zacks.com/ap/TAP