Molson Coors released its Q3 results yesterday

Molson Coors released its Q3 results yesterday

Yesterday (6 November), Molson Coors released its Q3 and year-to-date results. Here, just-drinks takes a closer look at the company's performance by region.

In Canada, underlying pretax profits fell by 13.3% to $130.6m in the third quarter. Molson said lower volumes drove the decline. Sales to retailers fell by 3.3% in the third quarter because of higher beer excise taxes in Quebec, weak economic conditions and increased competitor promotional activity, the brewer said. The Canadian beer market declined around 1%, and the group's market share slid about one percentage point versus a year ago. Third-quarter sales volume for Molson Coors Canada fell 5.2%.

In Europe, underlying pre-tax profits rose by 5.7% to $95m driven by pricing, volume growth, cost savings and a $4m currency exchange benefit. Sales volume in the region increased 0.7% due to improved performance in Czech Republic, Croatia and the UK, which benefited from favourable weather during the quarter. Weak demand affected most of Molson's Central Europe markets, particularly in Serbia, Romania and Bulgaria.

The group's International segment posted an underlying pretax loss of $2.1m in the third quarter, an improvement of $5.6m, or 72.7%, from a year ago. Total International sales volume decreased 18% primarily due to industry weakness in Ukraine and Russia, Molson said. This decline was partially offset by strong growth in Mexico and Latin America

In the US, where Molson Coors operates MillerCoors, a JV with SABMiller, underlying net profit for the third quarter increased 11.7% to $363.8m. MillerCoors' domestic sales to retailers fell 1.9%, on a trading-day-adjusted basis for the quarter. Domestic sales to wholesalers fell by 1.5%. Marketing, general and administrative expenses slid 3.4%, partly driven by less promotional activity, the company said.