Molson Coors 3Q profit rises 37 pct on price hikes

DENVER (AP) - Brewer Molson Coors says its third-quarter profit rose 37 percent although revenue fell as consumers bought less beer but paid higher prices for it.

Molson Coors says it raised prices across its major markets but discounted some prices to compete. It also credited better cost controls for the increase in profit.

The Denver-based maker of Coors Light says it earned $235.3 million, or $1.26 a share, in the three months that ended in September. Net sales at Molson Coors Brewing Co. fell 7.3 percent to $853.7 million in the quarter.

Analysts predicted the company would earn 98 cents a share on revenue of $837 million. Those estimates typically exclude one-time charges.

Worldwide the volume of beer sold fell 2.9 percent.