Aug. 3 (Bloomberg) -- Molson Coors Brewing Co., maker of Blue Moon beer, reported second-quarter profit that topped analysts’ estimates after it cut costs and raised beer prices.

Net income more than doubled to $187.3 million, or $1.01 a share, from $79.4 million, or 42 cents a year ago, the company said today in a statement. Excluding some items, profit was $1.11 a share, exceeding the 96-cent average of analysts’ estimates compiled by Bloomberg.

Molson Coors reduced expenses by $32 million in the 13 weeks ended June 28 as part of its planned three-year, $250 million cost-cutting program. The brewer said it has saved $229 million in the past 30 months under the program. The cuts involve manufacturing, shipping and marketing.

Separately, MillerCoors, the U.S. venture of Molson Coors Brewing and SABMiller Plc, said today that profit for the period increased 75 percent to $304.9 million from $174.6 million.

Molson Coors, based in Denver and Montreal, climbed $2.30, or 5.1 percent, to $47.51 at 4:03 p.m. in New York Stock Exchange composite trading. The shares have lost 2.9 percent this year.

To contact the reporter on this story: Mark Clothier in Atlanta at mclothier@bloomberg.net

Last Updated: August 3, 2009 16:22 EDT