DENVER - Molson Coors Brewing Co.'s net income fell 21 percent in the first quarter on ingredients and fuel costs rising.
Brewer net income fell to 82.9 million, or 44 cents per share, in the quarter that ended March 26. Which is in line with the analyst's expectations but down of $ 104.6 million, or 56 cents per share, last year.
Revenue from brewer based in Denver, except excise taxes increased by 4% to 690.4 million, missing only 690.5 million analysts expectations.
Shares of Molson dropped $ 2.37, or 4.9% to $46.03 in Premarket trade.
But the volume of beer in the world total of brewer fell by 1.5% in the previous year. The company said first quarter of the year had a beginning of Easter and the Olympic Games in Vancouver. United States, the United Kingdom and the Canada are the main markets of Molson Coors.
Molson was assisted by MillerCoors joint venture with SABMiller plc which sells the two companies marks to the United States.
The MillerCoors revenue was virtually flat, but it increases the net income of approximately 12% of costs and its campaign "mind the gap". Which has trimmed the difference in price between the lower range and top range of beers to convince clients to trade at higher price of brands such as Blue Moon and Leinenkugel.
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