Molson Coors Brewing (TAP) Misses Q3 EPS by 9c

November 1, 2016 6:52 AM EDT

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Molson Coors Brewing (NYSE: TAP) reported Q3 EPS of $1.03, $0.09 worse than the analyst estimate of $1.12. Net sales for the quarter came in at $947.6 million, versus $1.02 billion reported last year.

Molson Coors president and chief executive officer Mark Hunter said, “In the third quarter, we continued to focus on our First Choice ambition and on building a stronger, broader and more premium brand portfolio, underpinned by incremental sales and marketing investment, as we have discussed all year. Business highlights for the quarter and year to date included net sales revenue per hectoliter growth on a constant currency basis in all of our businesses, along with increased investments in our brands globally. In the U.S., Coors Light and Miller Lite again gained share of the premium light segment for the quarter, and Coors Light achieved its highest segment share gain in three years. Year to date, Coors Light grew volume more than 1 percent globally, with growth of more than 14 percent outside of North America. We also continued to strengthen our business through improvements to our sales execution and revenue management capabilities, increased efficiency of our operations, and implementation of common global systems."

Mark added, "This is a historic time in the evolution of Molson Coors. Three weeks ago, we completed our acquisition of the remaining 58 percent stake in the MillerCoors’ joint venture, along with the Miller global brand portfolio. We emerge as the world’s third-largest brewer, bringing together Molson Coors and MillerCoors into a bigger, better organization. As one company with an expanded portfolio of iconic brands, we intend to leverage our increased scale, resources, synergies and combined commercial experience to accelerate our First Choice agenda and deliver long-term shareholder value."

For earnings history and earnings-related data on Molson Coors Brewing (TAP) click here.

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