Summary Box: Molson Coors 2Q

AP News
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Posted: Aug 02, 2011 1:41 PM
Summary Box: Molson Coors 2Q

THE RESULTS: Molson Coors Brewing Co.'s net income fell 6 percent in the second quarter to $222.8 million, or $1.18 per share. Higher prices were not enough to offset weak beer sales and increased commodity costs.

THE BACKDROP: Beer makers have been struggling for some time with weak sales volume as consumers grapple with the impact of the tough economy. Molson Coors has been particularly hard hit as its core customers _ men under 28 _ are seeing particularly high unemployment.

THE EXPECTATIONS: The results missed analyst expectations of $1.29 per share on revenue of $958.5 million, according to FactSet.