Molson Coors profit beats expectations
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Molson Coors Brewing Co reported a higher-than-expected quarterly profit on Wednesday helped by the acquisition of operations in Eastern Europe.
The company behind beers such as Coors Light and Blue Moon said third-quarter net income rose to $198.4 million, or $1.09 per share, from $197.4 million, or $1.06 per share, a year earlier.
Excluding special items, underlying earnings were $1.37 per share. On that basis, analysts on average were expecting $1.34 per share, according to Thomson Reuters I/B/E/S.
Net sales increased 25 percent to $1.20 billion, fueled by the addition of operations in Eastern and Central Europe, which make the Staropramen brand, which the company recently acquired. MillerCoors, the combined U.S. operations of Molson Coors and SABMiller, reported a near 14 percent rise in third-quarter net income as it sold more expensive beers.
The company's Canadian, British and international businesses saw earnings fall in the quarter.
Molson said it will combine its businesses in Britain and Ireland with its other European businesses.