World: Molson Coors Brewing reports decline in Q1 net sales

Compared with the previous year, Molson Coors Brewing Co. is off to a slow start in 2017.

The brewing giant reported first-quarter net sales decreased 0.5 percent to $2.4 billion and net income fell to $165.6 million, or 76 cents per diluted share, from $188.3 million, or 87 cents per share a year earlier.

The results fell short of Wall Street expectations: analysts polled by Thomson Reuters First Call expected earnings of $1.30 per share and revenues of $2.46 billion.

CEO Mark Hunter commented in a statement on the "softer start" to 2017: "First quarter underlying earnings were lower than last year, primarily due to higher brand amortization expense and weaker January and February volumes in the U.S. this year - and because we were cycling strong earnings comparatives from last year."

In early trading on May 3, shares in Molson Coors were down more than 4 percent, dropping $3.86 to $91.50.

In the previous quarter, in February, Molson Coors reported that net sales fell by more than 13 percent and net income fell by more than 64 percent.

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