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DENVER -- Molson Coors Brewing Co. is looking at a positive third quarter with an increase in net sales and net income over the same period a year ago. Net sales increased 3.3 percent for the quarter to $1.58 billion. Net income for the company increased 25.5 percent to $135.8 million.
"Our third quarter results demonstrate consistent progress strengthening the fundamentals of our company, even while we face tough competitive and cost pressures in all of our markets," said Leo Kiely, Molson Coors president and chief executive officer. "In the U.S., volume gains, synergy achievements and improved industry pricing contributed to double-digit profit growth in the quarter. U.S. volume gains were driven by Coors Light, which grew for the sixth consecutive quarter."
Brand-wide sales volume was flat for the third quarter, at 11.2 million barrels, while the cost of goods sold increased 2.8 percent to $907.3 million. For the company's U.S. segment, sales volume and net sales increased 3 and 6 percent, respectively.
"On pricing -- an area that is key to profitability in all of our businesses -- we have strategies that are driven by our own business priorities, which include building brands and ensuring our brand equities remain strong," Kiely continued. "With that in mind, our teams on the frontline are making prudent tactical pricing decisions necessary to be competitive by market, channel and package."