Molson Coors earnings fall short of estimates

Molson Coors Brewing Co. said Wednesday it had net income of $151.4 million, or 70 cents a share, in the first quarter, down from $278.1 million, or $1.28 a share, in the year-earlier period. Adjusted per-share earnings came to 52 cents, below the 58 cents FactSet consensus. Sales fell to $2.303 billion from $2.332 billion, also below the FactSet consensus of $2.326 billion. The distributor of Coors Light, Miller Lite and Carling beer said the sales decline was due to volume declines and currency movements that were partially offset by higher pricing and favorable sales mix in Europe. Worldwide brand volume of 18.2 million hectoliters was down 4.7%, while financial volume of 20.1 million hectoliters fell 3.4%. Shares fell 0.6% premarket and are down 10.5% in the last 12 months, while the S&P 500 has gained 11%.

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