Molson coors brewing sees drop in demand
Shares of Molson Coors Brewing Co. fell Wednesday after the maker of Coors Light and Miller Light said it saw a decline in demand across its businesses during the third quarter and warned that the current quarter could be its toughest of the year.
The Denver-based company said it earned $198.4 million, or $1.09 per share, for the three months ended Sept. 29. That compares with $197.4 million, or $1.06 per share, a year ago. Total sales rose 21 percent to $1.69 billion.
Excluding one-time items, the company said it earned $1.37 per share. Analysts expected $1.34 per share, according to FactSet.
TW Telecom. The Douglas County-based telecom’s third-quarter earnings rose 44 percent as the company posted strong revenue from its data and Internet services segment.
TW Telecom, formerly known as Time Warner Telecom, reported a profit of $21 million, or 14 cents a share, up from $14.6 million, or 10 cents, a year earlier. Earnings matched analyst expectations.
Revenue jumped 7.1 percent to $368.9 million.
CenturyLink. The third-largest landline provider in the U.S. said third-quarter income jumped 96 percent as it posted fewer integration and severance expenses.
For the year, the company again raised its outlook, now expecting $2.64 to $2.69 a share in adjusted earnings on $18.35 billion to $18.4 billion in revenue.
CenturyLink reported a profit of $270 million, or 43 cents a share, up from $138 million, or 22 cents a share, a year earlier. Excluding certain amortization costs and other items, earnings were up at 66 cents from 61 cents.
Revenue edged down 0.5 percent to $4.57 billion.
Fannie Mae. The mortgage giant posted a third-quarter profit on Wednesday, the latest sign that it and sister company Freddie Mac are benefiting from the ongoing housing-market rebound.
Fannie Mae posted a profit of $1.8 billion, compared with a loss of $5.1 billion a year earlier. The company’s performance was helped by lower credit losses, which fell to $3.5 billion from $4.5 billion a year earlier, and an increase in home prices.
Kraft Foods Group. The North American grocery business, reporting its first results after separating from the snacks enterprise, posted third-quarter revenue that beat analysts’ estimates, helped by higher prices and stronger sales of cheese.
Net income rose 13 percent to $470 million, or 79 cents a share, from $417 million, or 70 cents, a year earlier, the company said Wednesday in a statement. Sales rose 3 percent to $4.61 billion.
Macy’s. The department store operator sent out a mixed message: It raised its annual profit guidance but told investors Wednesday that Hurricane Sandy would temper the start of the holiday season.
The department store chain’s fourth-quarter profit forecast was below analysts’ expectations and noted that this month’s business would be negatively impacted by Sandy.
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