Molson Coors Brewing Q2 Profit Down, Misses Estimates; Stock Down

(RTTNews) - Molson Coors Brewing Co. (TAP, TPX.TO) reported that its second-quarter net income attributable to the company decreased 22.3% from last year, hurt by lower volume, unrealized mark-to-market losses in the latest year, partially offset by favorable net pricing, the gain on the sale of the Montreal brewery and cost savings.

In Wednesday pre-market trade, TAP is trading at $53.37 down $3.55 or 6.24 percent.

Net income attributable to the company for the second-quarter declined to $329.4 million or $1.52 per share from $424.1 million or $1.96 per share in the prior year.

Underlying net income per share declined to $1.52 from $1.88 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter were $2.95 billion, down by 4.4% and 2.9% in constant currency hurt by volume declines, partially offset by strong net sales per hectoliter growth. Analysts expected revenues of $3.03 billion for the quarter.

Net sales per hectoliter: $114.23 on a reported financial-volume basis, increased 2.7% and net sales per hectoliter on a brand volume basis increased by 3.7% in constant currency,primarily driven by favorable net pricing in all segments and positive global mix as a result of continued focus on premiumizing portfolio.