GOLDEN, Colo. (AP) — GOLDEN, Colo. (AP) — Molson Coors Brewing Co. (TAP) on Thursday reported first-quarter profit of $121 million.
On a per-share basis, the Golden, Colorado-based company said it had profit of 59 cents. Earnings, adjusted for one-time gains and costs, were 50 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.
The beer maker posted revenue of $2.69 billion in the period. Its adjusted revenue was $2.3 billion, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $2.44 billion.
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