Molson Coors: 3Q Earnings Snapshot
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.