UPDATE: Molson Coors Q2 Profit Beats Estimates

Molson Coors Brewing Company (NYSE: TAP) reported stronger-than-expected second-quarter earnings.The Denver, Colorado-based company posted quarterly earnings of $290.7 million, or $1.56 per share, compared to $267.3 million, or $1.44 per share, in the year-ago quarter. Its adjusted earnings per share came in at 1.57, beating analysts' estimates of $1.46 per share. Its sales climbed to $1.19 billion versus $1.18 billion, versus expectations of $1.18 billion. Worldwide beer volume shrank 0.9% in the quarter.MillerCoors underlying net income rose 8.0% to $445.7 million in the quarter. Canada underlying pretax income dropped 6.5% to $120.9 million, while Europe underlying pretax income rose 13.3% to $86.8 million The International segment's underlying pretax loss came in at $3.7 million, versus a year-ago loss of $3.1 million.Underlying EBITDA rose 4% y/y to $476.2 million in the quarter, while underlying free cash flow in the first half dropped to $331.7 million.Molson Coors president and chief executive officer Peter Swinburn said, “In the second half of 2014, we will manage through the aftermath of the flooding in Central Europe and the loss of the Modelo brands in Canada. We also expect higher brand investments in all of our businesses, which is part of our strong and consistent execution of our brand-led profit growth strategy as a driver of total shareholder return.”Molson Coors Brewing shares fell 1.02% to close at $67.21 yesterday.