DENVER (AP) — Molson Coors' second-quarter profit rose 9 percent as better pricing offset a decline in the volume of beer globally.
The beer maker earned $290.9 million, or $1.56 per share, for the period ended June 30. A year earlier it earned $267.3 million, or $1.45 per share.
Removing one-time costs, earnings from continuing operations were $1.57 per share, which was a dime better than Wall Street had expected, according to a FactSet survey.
Revenue, after paying excise taxes, edged up about 1 percent to $1.19 billion from $1.18 billion. Wall Street was calling for revenue of $1.18 billion.
Worldwide beer volume dipped 0.9 percent.
Its U.S. joint venture with SABMiller PLC, MillerCoors, reported a 3.1 percent increase in net sales per hectoliter, which includes contract brewing and company-owned distributor sales.
In Europe, net sales per hectoliter climbed 1.9 percent mostly because of increased sales in the U.K.
Molson Coors Brewing Co. is based in Denver and Montreal.
Molson Coors Brewing Co., based in Denver and Montreal, experienced a 9 percent rise in its second-quarter profits as better pricing offset a decline in the volume of beer globally. In Europe, net sales per hectoliter climbed 1.9 percent from increased sales in the U.K.