Molson Coors second quarter profit falls 56 percent
The Associated Press reports that soaring costs for fuel, grains and packaging, along with consumers pulling back their spending, pushed Molson Coors Brewing Co.''s profit down 56 percent in the second quarter. The drop also includes charges associated with combining the company''s U.S. arm with the maker of Miller beers -- a deal that executives say will still save money in the long run. Shares in the Denver-based brewer of Coors Light tumbled 11 percent as the results missed Wall Street''s expectations. The nation''s third-largest brewer is raising prices, just like others in the industry, to try to keep up with the costs. In the three-month period ending in June, Molson Coors said it earned $80.9 million, or 43 cents per share, down from $184.9 million, or $1.02 per share, a year earlier.