Molson Coors Brewing Co. on Wednesday reported net income of $280.2 million for the third quarter, or $1.29 earnings per share, compared with pro forma net income of $318.9 million, or $1.47 per share during the same quarter a year ago. Adjusted earnings per share were $1.34, even with FactSet’s consensus for $1.34 earnings per share. Revenue for the quarter was $2.88 billion, down from pro forma revenue of $2.94 billion a year ago, and below FactSet’s $2.97 billion revenue consensus. Shares of Molson Coors were inactive in premarket trade. “Despite challenging market conditions in North America, we remain on track to deliver our 2017 business and financial plans and exceed our original cost savings targets and cash flow goals,” said Molson Coors Chief Executive Mark Hunter in a statement. He also said, that a year since the close of the company’s acquisition of MillerCoors, Molson Coors is focusing on building up it’s international business. International sales increased nearly 97% year over year to $65.7 million, while sales in the U.S. declined close to 6% to $1.89 billion. Shares of Molson Coors have declined almost 17% in the year to date. By comparison, the S&P 500 index is up 15% and the Dow Jones Industrial Average is up more than 18%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News