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Article: Molson Coors 3Q profit rises 37 pct on price hikes
- Article from:
- AP Worldstream
- Article date:
- November 4, 2009
- Author:
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Brewer Molson Coors said Wednesday its third-quarter profit rose 37 percent as consumers bought less of the company's beer but paid higher prices for it.
Molson Coors said it generally raised prices across its major markets but discounted some prices to compete. It also credited better cost controls for the increase in profit.
The Denver-based maker of Coors Light said it earned $235.3 million, or $1.26 a share, in the three months that ended in September. Net sales at Molson Coors Brewing Co. fell 7.3 percent to $853.7 million in the quarter.
On an adjusted basis, the company earned $1.14 a share.
Analysts predicted the company would earn 98 cents a share on revenue ...