AP NEWS

Molson Coors: 3Q Earnings Snapshot

October 30, 2019
FILE - In this Feb. 14, 2018, file photo, Molson Coors products Molson beer, left, and Coors Light beer in Walpole, Mass. Molson Coors Brewing Co. on Wednesday, Oct. 30, 2019, reported a third-quarter loss of $402.8 million, after reporting a profit in the same period a year earlier. (AP Photo/Steven Senne, File)
FILE - In this Feb. 14, 2018, file photo, Molson Coors products Molson beer, left, and Coors Light beer in Walpole, Mass. Molson Coors Brewing Co. on Wednesday, Oct. 30, 2019, reported a third-quarter loss of $402.8 million, after reporting a profit in the same period a year earlier. (AP Photo/Steven Senne, File)

DENVER (AP) — Molson Coors Brewing Co. (TAP) on Wednesday reported a third-quarter loss of $402.8 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Denver-based company said it had a loss of $1.86. Earnings, adjusted for asset impairment costs and non-recurring costs, were $1.48 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.

The beer maker posted revenue of $3.5 billion in the period. Its adjusted revenue was $2.84 billion, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.86 billion.

Molson Coors shares have fallen roughly 3% since the beginning of the year, while the Standard & Poor’s 500 index has increased 21%. The stock has dropped slightly more than 3% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TAP at https://www.zacks.com/ap/TAP