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Molson Coors profit misses Street view
NEW YORK |
NEW YORK (Reuters) - Molson Coors Brewing Co (TAP.N) reported lower-than-expected quarterly earnings on Tuesday, hurt by weak sales volume and higher commodity costs.
The maker of Coors Light, Molson Canadian and Blue Moon beers said net income was $222.8 million (136.9 million pounds), or $1.18 per share, in the second quarter, down from $237.2 million, or $1.27 per share, a year earlier.
Excluding special items, earnings were $1.23 per share.
Net sales were $933.6 million, up from $883.3 million a year earlier.
Analysts on average were expecting earnings of $1.30 per share and revenue of $953.6 million, according to Thomson Reuters I/B/E/S.
Earlier on Tuesday, MillerCoors, the combined U.S. operations of Molson Coors and SABMiller Plc (SAB.L) reported that net income rose 2.6 percent even as beer sales were flat.
(Reporting by Martinne Geller; editing by John Wallace)
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