DENVER (AP) -- Molson Coors Brewing Co. said Tuesday that its profit fell by 53 percent in the second quarter, as the brewer booked costs related to its acquisition of StarBev.
The maker of Miller Lite and Coors Lite said it earned $105.1 million, or 57 cents per share, in the three months ended June 30. That compares with $222.8 million, or $1.18 per share, in the year-ago period.
Excluding one-time items such as acquisition costs, the company said it earned $1.38 per share. By that measure, analysts on average expected a profit of $1.20 per share, according to FactSet.
During the quarter, the Denver-based company completed its $3.4 billion acquisition of StarBev, which brews Bergenbier, Ozusko and Borsodi beers, to expand into central and eastern Europe. Although the area is in economic turmoil now, Molson Coors is betting that a vibrant region will emerge once the economic crisis subsides in the European Union.
Net sales for the quarter rose 7 percent to $999.4 million, which topped analysts' estimate of $941.5 million. Worldwide beer volume rose 6.4 percent.
In the U.S., sales to retailers fell 1.4 percent, while sales to retailers in the United Kingdom declined 7.9 percent amid stiffer competition. Sales to retailers in Canada rose 1.8 percent, in part because of the timing of the July 1 Canada Day holiday. Last year's fiscal second quarter ended June 25.
Shares of Molson Coors were down $1.38, or 3 percent, at $40.94.
- Molson Coors