Last updated on September 6th, 2012 at 08:48 am
Denver-based Molson Coors Brewing Co. says its net income fell 51 percent in the fourth quarter as it sold less beer and dealt with rising costs for taxes, ingredients and fuel.
The Denver-based brewer reported Thursday that it earned $109.8 million, or 58 cents per share, for the quarter that ended Dec. 25. That’s down from $222.1 million, or $1.19 per share, a year earlier. Adjusted earnings amounted to 66 cents a share.
Revenue excluding excise taxes rose 1.7 percent to $835.1 million because of higher prices.
The results fell short of analysts’ forecasts. They were looking for earnings of 69 cents per share on revenue of $837.4 million.
Molson Coors says it sold 1.9 percent less beer globally. The United Kingdom was particularly weak, with beer sold falling 4.9 percent.
