Molson Coors Slumps As Economy Saps Beer Money

DENVER (AP) -- Molson Coors says third-quarter net income tumbled 23 percent because of higher costs, the poor economy and surprisingly weak sales in the U.K.

The maker of Coors Light, Molson Canadian and Carling said Wednesday that it earned $197.4, or $1.06 per share. That's down from $256.1 million, or $1.38 per share, earned in the same quarter last year. Excluding one-time items related to writing down its Sparks brand and other costs, net income was $1.14 per share. Analysts expected $1.25 per share, according to FactSet.

Revenue rose 9 percent to $954.4 million. Analysts expected $942.4 million.

Molson Coors Brewing Co., based in Denver, says it continues to face higher freight, fuel, and packaging costs and high unemployment among the core beer drinking population of young men.