Investors Aren't Impressed With Molson Coors Guidance, $2.45 Billion Offering Announcement

Shares of Molson Coors Brewing Company (NYSE: TAP) were trading lower by more than 3 percent shortly after Wednesday's market after the company provided preliminary fourth quarter results and also announced a $2.35 billion public offering.

Molson Coors expects to earn $0.46 to $0.52 per share in the fourth quarter on revenue of $830 million to $860 million. Wall Street analysts were expecting the company to earn $0.54 per share on revenue of $850 million.

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Molson Coors also updated its free cash flow guidance for the full year to a range of $690 million to $720 million from a prior range of $550 million to $605 million. The company cited "better-than-expected fourth quarter 2015 working capital changes, including lower cash taxes, as well as lower capital expenditures and higher distributions from MillerCoors."

In a separate press release, Molson Coors announced that it has commenced an underwritten public offering of $2.35 billion of its Class B Common stock. The company noted it will use the proceeds to fund "fund the previously announced acquisition from Anheuser Busch InBev SA (ADR) (NYSE: BUDY) of SABMiller plc's interest in MillerCoors LLC and all other assets primarily related to the Miller brand portfolio outside of the United States and Puerto Rico, and to pay related fees and expenses of the Acquisition."