Coors Light Parent Molson Coors Brewing Co. Reports Improved Q3 Profit As Revenue Declines

Molson Coors Brewing Co. reported third-quarter profit just above Wall Street expectations, while revenue came up short. Net income for the quarter came in at $202.5 million, or 94 cents per share, compared with $13.7 million, or 7 cents per share during the same quarter a year ago. Adjusted earnings per share for the quarter were $1.03, just above FactSet's $1.02 consensus. Revenue for the quarter hit $947.6 million, which was a 7% decline from the last year's $1.02 billion during the same period and below the FactSet consensus of $983.0 million. The company said beer volume worldwide was down 4% to 15.9 million hectoliters and volume of flagship brand Coors Light fell 3%. Shares of Molson Coors were inactive in premarket trade, but are up more than 10% in the year to date, outperforming the S&P 500 Index , which is up a little more than 4%.