February 14, 2017 / 2:20 PM / a year ago

UPDATE 1-Molson Coors' quarterly sales miss estimates

(Adds details, shares)

Feb 14 (Reuters) - Molson Coors Brewing Co reported lower-than-expected quarterly sales, due to a strong dollar and weak demand for its Coors Light beer and its cheaper brands such as Miller High Life in the United States.

Shares of the third-largest brewer in the United States fell 2.7 percent to $93.59 in premarket trading on Tuesday.

The company said worldwide sales of Coors Light beer, its highest-selling brand, fell about 2 percent during the quarter, while worldwide beer sales rose 1.2 percent.

The company’s net sales on a pro-forma basis fell 4.2 percent to $2.47 billion. Analysts on average had expected $2.57 billion, according to Thomson Reuters I/B/E/S.

On a constant-currency basis, the company reported a 2.2 percent fall in net sales during the quarter.

The average value of the dollar rose 2.3 percent against a basket of currencies in the quarter, compared with a year earlier.

Molson reported a pro-forma net loss of $608.6 million, or $2.83 per share, in the fourth quarter ended Dec. 31, compared with a profit of $6.1 million, or 3 cents per share, a year earlier.

The company took a charge of $521.1 million, driven by impairment charges related to certain Molson brands in Canada during the quarter.

Molson Coors bought beer giant SABMiller’s stake in the MillerCoors joint venture for $12 billion in October last year, following SABMiller’s agreement to be acquired by Anheuser-Busch InBev for over $100 billion. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)

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