* Adjusted profit $1.38/shr vs Street view $1.19 * Sales $999.4 mln vs Street view $934.8 mln * Pro-forma results for acquired business show profit declines * Shares up slightly By Martinne Geller Aug 7 (Reuters) - Molson Coors Brewing Co reported quarterly profit that blew past Wall Street estimates on Tuesday, due in part to the acquisition of the Central European maker of Staropramen beer, which Molson bought in June. Wall street estimates did not include results from the business, formerly known as StarBev and analysts were caught off guard by declines in profits for the last two quarters. In explaining the weakness at the unit which operates in the Czech Republic, Romania, Hungary and other countries, Molson executives blamed very bad weather in February, the stronger U.S. dollar which reduced the value of overseas sales, and up-front investment in new products and marketing ahead of the peak summer selling season. They said those investments would pay off in the back half of the year, and that they remained confident that the deal would boost the company's growth in a short time frame. Molson, whose business is more geographically concentrated than that of larger rivals Anheuser-Busch InBev and SABMiller Plc, bought StarBev in June in a $3.4 billion deal that expands its reach. The acquisition, which closed two weeks before the second quarter ended, added $19.7 million of pretax income in the quarter, Molson said. Molson shares were up 41 cents, or 1 percent, at $42.73 in early afternoon trading. Through Monday's close, Molson shares had gained 10 percent from early June but remained down more than 3 percent on the year. IMPROVEMENTS IN CORE MARKETS The maker of Molson Canadian, Coors Light and Blue Moon beers also saw increased sales in Canada due to a change in the timing of when Canada Day fell in the company's fiscal calendar. It shipped more beer in advance of the holiday during the second quarter this year, as opposed to the third quarter last year. 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. "The quarter was a beat on an out-of-favor stock," said Stifel Nicolaus analyst Mark Swartzberg. Still, Swartzberg affirmed his "hold" rating on the shares, saying multiples were not low enough to justify an upgrade in the face of continued share loss in all three of its core markets -- Britain, Canada and the United States. Net sales were $999.4 million, up from $933.6 million a year earlier and topping analysts' average estimate of $934.8 million. The company sold 13.9 million hectoliters of beer, a 6.4 percent increase from the prior year. Earlier Tuesday, MillerCoors - the combined U.S. operations of Molson Coors and SABMiller - posted a 9.1 percent rise in net income, driven by price increases, a move toward more expensive beers and continued cost savings. Molson said sales to wholesalers rose 0.3 percent in the second quarter, an improvement from the 0.9 percent decline seen in the first quarter. Sales from wholesalers to retailers, a closer gauge of consumer demand, fell 1.4 percent, versus a 1.6 percent decline in the first quarter. In Canada, Molson's profit fell as the stronger U.S. dollar reduced the value of overseas sales. Profit in local currency rose 4 percent, helped by higher sales volume and pricing. Sales to wholesalers and retailers both rose 1.8 percent due to the shift in the timing of Canada Day. Profit in the UK business tumbled 19.3 percent due to lower sales volume, higher pension and marketing expenses and currency exchange rates. Sales to retailers fell 7.9 percent in Britain, with the company citing poor weather and increased promotions by rivals.