Molson Coors Brewing Co reported a lower-than-expected quarterly profit on Tuesday, weighed down by weak volumes across all markets and cost inflation in the United States and Britain.

The brewer of Coors Light and Molson Canadian earned $222.1 million, or $1.19 a share, in the fourth quarter, compared with $93.7 million, or 51 cents a share, a year earlier.

Excluding items, profit was $1.02 a share, missing analysts' average forecast of $1.10, according to Thomson Reuters I/B/E/S.

Sales excluding excise taxes rose 11 percent to $820.8 million. Worldwide beer volume declined 4 percent as consumers remained cautious in the weak economy.

(Reporting by Dhanya Skariachan; editing by John Wallace)