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Molson Coors Brewing Company shares dip 6 percent after weak guidance

Boxed bottles of Coors Light beer, manufactured by Molson Coors Brewing Co.
Chris Ratcliffe | Bloomberg | Getty Images
Boxed bottles of Coors Light beer, manufactured by Molson Coors Brewing Co.

Shares of Molson Coors Brewing closed down more than 6 percent following disappointing EBITA guidance from Wednesday's investor meeting.

At the conference, management said that they see EBITDA margins rising 50-60 bps per year for next three years.

The parent company of popular beer company MillerCoors, Molson said it expects to generate $550 million of cost savings by the year 2019.

Management sees underlying EBITDA margins increasing an average of 30bps to 60 bps per year for the next to three to four years.

A global priority for the company is for free cash flow in 2017 to fall within 10% of $1.2B.

Anheuser Busch Inbev and Constellation Brands shares fell about one percent following the comments.

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