Molson Coors Brewing Co. said revenue fell in the latest period on weaker sales volume as its brands remained pressured amid increased competition, though profit at its MillerCoors LLC unit climbed on higher pricing.
The popularity of craft brews and cocktails over domestic lagers have weighed on results for Molson Coors and its MillerCoors unit, which includes brands include Miller Lite, Coors Light and Blue Moon in the U.S. Molson Coors?which in October completed its transaction to buy SABMiller Plc's 58% stake in the venture?is now the sole owner of MillerCoors. The latest quarter ended on Sept. 30, before the transaction closed.
The Denver-based brewer said profit rose to $202.5 million, or 94 cents a share during the September quarter. In the year-ago period, it earned $16.6 million, or 9 cents a share.
Excluding special items, per-share earnings fell to $1.03 from $1.40. Analysts were expecting $1.02 a share, according to FactSet.
Net sales fell 6.9% to $947.6 million. The company said that in constant currency, sales fell 2.2%.
During the period, worldwide beer volume fell 3.8%, as Coors Light volume fell 3.3%.
At MillerCoors, core profit rose 9.6% to $377.5 million, helped by higher net pricing, positive sales mix and lower cost of goods sold. However, sales-to-retail volume slipped 4% and sales-to-wholesalers volume edged 0.6% lower.
Shares, which have climbed 18% in the past 12 months, were inactive in premarket trading.
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(END) Dow Jones Newswires
November 01, 2016 08:15 ET (12:15 GMT)
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