OVERVIEW: Molson Coors, one of the world's largest brewers, began the third quarter after reporting a second-quarter profit rise due in large part to strong domestic sales of Coors Light and its craft Belgian brew Blue Moon. Both brands have gained a bigger share of the domestic market in the last few quarters, even as many drinkers switch to imported beers, smaller craft varieties and liquor-based drinks.

To capitalize on that growth, in August Molson formed a small brewing subsidiary called AC Golden Brewing Co. to make above-premium products to capture more of the craft and microbrew markets.

The company said new products made by the subsidiary would be rolled out slowly.

Also in August, Frits van Paasschen resigned as president and chief executive of Coors Brewing Co. to take a job outside the industry.

Molson Coors Chief Executive Leo Kiely took over van Paasschen's duties. He will stay in the post until a replacement is found.

BY THE NUMBERS: Molson Coors has not offered any guidance for the quarter. Analysts polled by Thomson Financial expect earnings of 92 cents per share on revenue of $1.64 billion.

ANALYST TAKE: Morgan Stanley analyst William Pecoriello said in a note to investors he expects the company's sales to U.S. retailers to grow 5 percent in the third quarter.

He added that investors should see that growth continue.

"We anticipate Molson Coors to point out that the strength in the U.S. has continued into the beginning of the fourth quarter, which should be a positive for the shares," he said.

WHAT'S AHEAD: In October, Molson and SAB Miller PLC, which brews Miller Lite and Miller Genuine Draft among other beers, said they will combine their U.S. brewing operations to compete better against Anheuser-Busch Cos. Inc.

The joint venture will be known as MillerCoors and will have responsibility for selling brands in the U.S.

Final approval of the deal is expected by the end of 2007.

STOCK PERFORMANCE: Shares rose 8 percent during the quarter and climbed 58 percent in the last 52 weeks.