(Reuters) - Molson Coors Brewing Co (TAP.N) reported a quarterly profit that blew past Wall Street estimates on Tuesday, helped by positive performance in its U.S. business and the addition of operations in Europe.
The maker of Molson Canadian, Coors Light and Blue Moon beers said net income was $105.1 million, or 57 cents per share, in the second quarter, down from $222.8 million, or $1.18 per share, a year earlier.
Excluding one-time items, earnings were $1.38 per share. On that basis, analysts on average were expecting $1.19, according to Thomson Reuters I/B/E/S.
Net sales were $999.4 million, higher than the $933.6 million of a year earlier and analysts' estimate of $934.8 million.
Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick