TAPA Molson Coors Brewing Company

Molson Coors Brewing Co. reported revenue slipped less than expected in the most recent quarter, though lower world-wide volume, higher brand investments, and foreign-exchange headwinds continued to eat into the bottom line.

The popularity of craft brews and cocktails over domestic lagers have dented results for Molson Coors and its U.S. venture, MillerCoors LLC.

Molson is planning to buy the rest of the MillerCoors LLC venture for $12 billion. Its brands include Miller Lite, Miller High Life and Blue Moon.

On Tuesday, Chief Executive Mark Hunter said the company has made "substantial progress" on the pending MillerCoors transaction, including integration planning and completing the necessary financing "at very attractive rates."

Molson continues to plan for a closing before the end of the year.

During the June quarter, Molson Coors said profit fell to $172.3 million, or 80 cents a share, from $229 million, or $1.23 a share, a year ago.

Excluding special items, per-share earnings fell to $1.11 from $1.41, in line with analyst expectations.

Net sales slipped 1.9% to $986.2 million, topping analysts' expectations for $962 million. Molson Coors said sales rose 1.2% excluding currency impacts.

During the period, world-wide beer volumes edged 0.8% lower, though Coors Light volume improved by 4.1%.

At MillerCoors, core profit fell 12% to $429.5 million, hurt by higher special charges related to the planned closure of its Eden brewery.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

August 02, 2016 07:45 ET (11:45 GMT)

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