Molson Coors says its first-quarter profit climbed 38 percent on a tax-related gain. But consumers bought less of its beer and costs rose, causing adjusted results to miss Wall Street's expectations.
Molson Coors Brewing Co. sold 3.8 percent less beer worldwide. It blamed the decline on high unemployment and a slow recovery in consumer confidence.
The brewer earned $104.6 million, or 56 cents per share, for the three months ended March 27.
But its profit was 37 cents per share when removing costs related to the settlement of Brazilian indemnity liabilities. That missed analysts' 45 cents-per-share estimate.
Revenue climbed 15 percent to $947 million.
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