UPDATE: Molson Coors Reports Downbeat Q2 Profit

Molson Coors Brewing Co (NYSE: TAP) reported downbeat second-quarter profit.

Molson Coors reported its quarterly profit at $222.8 million, or $1.19 per share, down from $237.2 million, or $1.27 per share, in the year-earlier period. Its adjusted earnings came in at $1.23 per share. Molson Coors' sales climbed 5.7% to $934 million. However, analysts were expecting earnings of $1.29 per share on revenue of $958.5 million.

Molson Coors also announced its plans to repurchase $1.2 billion in stock over the next three years.

Molson Coors shares dropped 1.41% to $44.00 in pre-market trading.