August 2, 2016 / 11:29 AM / 2 years ago

UPDATE 1-Molson Coors reports better-than-expected quarterly sales

(Adds Molson Coors results)

Aug 2 (Reuters) - Molson Coors Brewing Co reported better-than-expected quarterly sales, helped by strong demand for its flagship Coors Light brew.

Coors Light volumes rose more than 4 percent globally in the second quarter, including strong double-digit growth in Europe and Latin America.

Molson Coors’ net sales fell about 2 percent to $986.2 million in the three months ended June 30.

The company’s worldwide beer volume fell 0.8 percent to 16.1 million hectoliters.

MillerCoors LLC, Molson Coors’ U.S. joint venture with SABMiller Plc, on Tuesday reported a 3.5 percent drop in net sales, hurt by lower demand for its cheaper brands such as Milwaukee’s Best, Keystone and Miller High Life.

Molson Coors will buy SABMiller’s stake in the MillerCoors venture for $12 billion, following SABMiller’s agreement to be acquired by Anheuser-Busch InBev for over $100 billion.

Net income attributable to Molson Coors from continuing operations fell to $174.1 million, or 81 cents per share, in the second quarter, from $229 million, or $1.23 per share, a year earlier because of expenses related to the MillerCoors acquisition and planned brewery closures.

Molson Coors earned $1.11 per share, excluding items.

Analysts on average had expected earnings of $1.11 per share and revenue of $962.1 million, according to Thomson Reuters I/B/E/S. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel)

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