Investors Aren't Impressed With Molson Coors Guidance, $2.45 Billion Offering Announcement

Shares of

were trading lower by more than 3 percent after Wednesday's market after the company provided

and also announced a $2.35 billion public offering. Molson Coors said that it expects to earn $0.46 to $0.52 per share in the fourth quarter on revenue of $830 million to $860 million. Wall Street analysts were expecting the company to earn $0.54 per share on revenue of $850 million. Molson Coors also updated its free cash flow guidance for the full year to a range of $690 million to $720 million from a prior range of $550 million to $605 million. The company cited "better-than-expected fourth quarter 2015 working capital changes, including lower cash taxes, as well as lower capital expenditures and higher distributions from MillerCoors." In a separate

, Molson Coors announced that it has commenced an underwritten public offering of $2.35 billion of its Class B Common stock. The company noted it will use the proceeds to fund "fund the previously announced acquisition from