The Molson Coors Brewing Co posted its quarterly profits, lower than estimates, which was hurt by a decline in Canada’s beer sales along with higher expenditures on marketing.
Early this year, the company flogged the rights of Grupo Modelo’s brands’ distribution in Canada to the Anheuser-Busch InBev company. In 2012, the latter firm purchased Mexico’s Grupo.
Meanwhile, Molson Coors posted a 34.4 million dollar net loss, attributed to the company, equivalent to 19-cent per share during the quarter ended September 30. Last year, the company reported a 134.3 million dollars net profit or 73-cent per share.
Except special items, the profit was at 1.46 dollars per share, while the average estimates of analysts were at 1.48 dollars per share.
Including the Cobra beer and Coors Light brands, Molson Coors’ net sales dropped to 1.17 billion dollars, in proportion to the average estimates of analysts.
The core pretax income dropped 8.9% to 132.5 million dollars from Canada alone, while the pretax income from the same location rose just one-time in the recent 11 quarters.
On the other hand, the Miller Coors LLC, SABMiller Plc’s and Molson Coors’ operations in the United States, posted an 8% rise in its net profit for the quarter, driven by robust sales of its most expensive beer brands.
The company owns 42%, while SABMiller the remainder, whose superior brands include Blue Moon Belgian White and Leinenkugel’s Summer Shandy.
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