UPDATE 1-Molson Coors results miss as "poor weather" hurts sales
* First-quarter adjusted earnings/share $0.30 vs est $0.34
* First-quarter sales $828.5 mln vs estimate $854.2 mln
May 7 (Reuters) - Molson Coors Brewing Co, the maker of Carling, Blue Moon and Coors Light beers, reported weaker-than-expected quarterly results, citing "poor weather" that cut beer consumption.
The company said its first-quarter profit was hurt by higher raw material costs, marketing spend and expenses related to the 2012 acquisition of StarBev, the central European brewer known for its Staropramen beer, hurt profit.
First-quarter profit attributable to the company fell to $35.6 million, or 20 cents per share, from $79.5 million, or 44 cents per share, a year earlier.
Excluding items, the company earned 30 cents per share.
Revenue rose 19.8 percent to $828.5 million as Molson Coors sold 20.3 percent more beer.
Analysts on average expected the company to earn 34 cents per share on revenue of $854.2 million, according to Thomson Reuters I/B/E/S.
MillerCoors, which combines the U.S. operations of SABMiller and Molson Coors Brewing and sells brands such as Miller Lite and Coors Light, reported a 1.24 percent fall in first-quarter income as beer volumes declined and costs rose.
Molson Coors shares, which have risen by a fifth in the past year, closed at $50.97 on the New York Stock Exchange on the Monday.
- More than 300 people missing after South Korea ferry sinks: coastguard
- Ukraine launches 'gradual' operation, action limited |
- Casual pot use causes brain abnormalities in the young: study
- China economic growth slows to 18-month low in first-quarter |
- Americans increasingly prefer Democrats on healthcare: Reuters/Ipsos poll