Molson Coors Brewing (TAP) - Get Molson Coors Brewing Company Class B (TAP) Report shares lost some flavor Wednesday, falling 3.4% $52.83, after the Denver maker of such beers as Coors, Miller High Life and Blue missed Wall Street's third-quarter expectations and unveiled a restructuring that will slash up to 500 jobs.
The company reported a loss of $402.8 million, or $1.86 a share, compared with earnings of $338.3 million, or $1.56, in the year-earlier quarter.The loss was driven largely by about $692 million in goodwill and asset impairment charges related to its Canada unit.
Adjusted earnings came to $1.48 a share, missing the FactSet-derived analyst estimate of $1.51.
Sales totaled $2.84 billion, down from $2.93 billion a year ago and short of Wall Street's forecast of $2.87 billion.
The company said it would close its Denver office, make Chicago the North American operational headquarters, and cut about 400 to 500 jobs primarily in the U.S., Canada, international reporting segments as well as corporate.
Molson Coors will also consolidate the global, MillerCoors, Canadian, and MCI leadership teams and change its name to Molson Coors Beverage Co.
"Our business is at an inflection point," President and CEO Gavin Hattersley said in a statement.
"We can continue down the path we've been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track.
"Our revitalization plan is designed to streamline the company, move faster, and free up resources to invest in our brands and our capabilities."
At the end of September Hattersley assumed the top two posts at Molson Coors. He'd led the U.S. business for four years and previously was Molson Coors CFO.
Hattersley succeeded Mark Hunter, who retired after four years as president and CEO. He'd joined Molson Coors in 2002.
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