Reuters: Global Markets: Molson Coors warns of challenge ahead; shares fall

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Molson Coors warns of challenge ahead; shares fall Nov 7th 2012, 15:09 Tweet Share this Email Print Related News Nexen profit falls, still expects CNOOC deal by year-end Thu, Oct 25 2012 PepsiCo keeps 2012 outlook despite quarterly beat Wed, Oct 17 2012 State Street third-quarter net rises, forex revenue plummets Tue, Oct 16 2012 Wells Fargo posts record quarterly profit, revs disappoint Fri, Oct 12 2012 Analysis & Opinion Procter & Gamble earnings give CEO McDonald some relief Related Topics Investing Simplified » Hot Stocks » Asian Markets » Cans of Molson beer are seen on a production line during a news conference in Montreal, March 19, 2012. Credit: Reuters/Christinne Muschi Wed Nov 7, 2012 10:09am EST (Reuters) - Molson Coors Brewing Co (TAP.N) warned on Wednesday that the current quarter would be the most challenging of the year, with higher costs and tough comparisons with year-ago results, and the beer maker's shares fell 3 percent in morning trade. The company behind beers such as Coors Light and Blue Moon said consumer demand for beer across its businesses declined in the third quarter. The Central European business, which Molson acquired earlier this year, saw volume fall due to lower consumer demand, particularly in September. In the current quarter, Molson said it expects difficult comparisons in Canada and Britain, and higher costs in the United States and Central Europe. Third-quarter net income rose to $198.4 million, or $1.09 per share, from $197.4 million, or $1.06 per share, a year earlier. Excluding special items, earnings were $1.37 per share. On that basis, analysts on average were expecting $1.34, according to Thomson Reuters I/B/E/S. Net sales increased 25 percent to $1.20 billion, fueled by the Central European business, which makes the Staropramen brand. MillerCoors, the combined U.S. operations of Molson Coors and SABMiller (SAB.L), reported a nearly 14 percent rise in third-quarter net income as it sold more expensive beers. Molson's Canadian, British and international businesses had lower earnings. Sales to retailers fell 5.1 percent in Canada, 4.8 percent in Britain and 2.4 percent in the United States. It cited a shift in the timing of Canada Day in Molson's calendar, weak economic conditions in Britain, and one less selling day in the United States. Molson shares were down $1.31 to $41.89 on the New York Stock Exchange. (Reporting By Martinne Geller in New York; Editing by Jeffrey Benkoe and Maureen Bavdek) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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