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GOLDEN, Colo. -- Molson Coors Brewing Co. saw third-quarter profit rise less than analysts estimated, after market share gains in Canada and the U.K. failed to counter higher commodity costs, Bloomberg News reported.
Net income increased 29 percent to $173.2 million, while profit excluding one-time costs and gains was unchanged from a year prior at 95 cents per share, 2 cents lower than the average estimate of 11 analysts surveyed by Bloomberg News.
Sales fell 45 percent to $921.1 million, from $1.69 billion, during the three months ended Sept. 28, as Molson Coors separated its U.S. operations into the MillerCoors venture with Miller Brewing. Including the U.S., worldwide beer volume rose less than 1 percent to 12 million barrels, the report stated.
Meanwhile, in its first period of joint operations, MillerCoors reported third-quarter profit rose 15 percent to $168.2 million on a 1.9 percent sales gain, helped by sales of Coors Light, Bloomberg News stated.
During a Web cast discussing earnings, MillerCoors executives said the company will cut "a lot" of jobs in the coming weeks, according to the report.