* Q3 adj EPS $1.28 tops Street view of $1.13/shr
* Q3 net sales rose to $875 mln from $853.7 mln
* Worldwide volume down 4 pct
* Sees some 3rd-qtr profit drivers absent in 4th qtr
(Rewrites, adds adjusted earnings, analysts' estimates,
volume, comments on fourth quarter, share activity)
NEW YORK, Nov 3 Molson Coors Brewing Co (TAP.N)
reported higher-than-expected quarterly profit on Wednesday, as
increased beer prices and cost savings helped offset the impact
of declining sales volume.
But Chief Executive Officer Peter Swinburn said he expects
about one-fourth of the drivers of third-quarter profit growth
will either not carry over to the current fourth quarter, or
The company also warned that its U.S. distributors will
likely reduce their inventories in the fourth quarter more than
they did last year, and that its U.K. marketing and promotional
expenses will will be significantly higher, due in part to
The maker of Coors Light, Molson Canadian and Blue Moon
beers said third-quarter net income was $256.1 million, or
$1.37 per share, up from $235.3 million, or $1.26 per share, a
Excluding items, Molson earned $1.28 per share, topping
analysts' average estimate of $1.13 per share, according to
Thomson Reuters I/B/E/S.
The company said price increases, cost reductions and
margin expansion drove double-digit earnings growth in all of
its key markets of Canada, the United States and Britain.
Net sales rose 2.5 percent to $875 million, even as
worldwide volume fell 4 percent.
Earlier on Wednesday, MillerCoors, the combined U.S.
operations of SABMiller PLC SAB.L and Molson Coors, said its
net income rose 37 percent. [ID:nLDE6A119Y]
Molson shares closed at $47.22 on Tuesday on the New York
Stock Exchange, up nearly 23 percent from the 52-week low
touched in February. The Dow Jones U.S. Beverages Index
.DJUSBV rose 15 percent over the same period.
(Reporting by Martinne Geller, editing by Gerald E. McCormick,