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UPDATE 1-Molson Coors higher profit tops view, shares rise

Published: 04 Nov 2009 05:55:56 PST

* Q3 adjusted EPS $1.14 vs analysts' view $0.98

* Beer volume down 2.9 pct

* Worldwide Coors Light volumes down slightly

* Shares jump 3.2 percent to $51 in premarket trade

CHICAGO, Nov 4 - Molson Coors Brewing Co reported a bigger-than-expected rise in quarterly profit on Wednesday, helped by higher prices and cost savings from its MillerCoors U.S. joint venture with SABMiller Plc.

The brewer of Coors Light, Molson Canadian and Blue Moon beers said it earned $235.3 million, or $1.26 per share, in the third quarter ended Sept. 26, up from $171.3 million, or 92 cents per share, a year earlier.

Adjusted earnings per share of $1.14 topped analysts' average forecast of 98 cents, according to Thomson Reuters I/B/E/S.

Shares of Molson Coors rose 3.2 percent to $51.00.

Sales excluding excise taxes fell 7.3 percent to $853.7 million. Total worldwide beer volume declined 2.9 percent.

Earlier on Wednesday, MillerCoors reported a 28.1 percent increase in net income. The U.S. venture said domestic sales to wholesalers fell 0.7 percent. Sales from wholesalers to retailers -- a better gauge of consumer demand -- fell 1.3 percent. ID:nL3640079