UPDATE 4-Molson Coors volume slips, shares fall

* Q3 adjusted EPS $1.14 vs analysts' view $0.98

* Beer volume down 2.9 pct, softness expected to continue

* Worldwide Coors Light volumes down slightly

* Shares drop 8.5 percent (Recasts first sentence, adds comments from CEO interview, byline, adds NEW YORK to dateline)

By Jessica Wohl and Martinne Geller

CHICAGO/NEW YORK, Nov 4 (Reuters) - Molson Coors Brewing Co (TAP.N) said beer volumes continue to decline in the current fourth quarter as consumers remain focused on value, and shares fell 8.5 percent.

The maker of Molson Canadian and Coors Light also posted a higher third-quarter profit, with a tax benefit and price increases offsetting a 2.9 percent decline in sales volume.

Molson Coors Chief Executive Peter Swinburn said there were no indications of consumer demand picking up.

"The consumer has been cautious, is cautious, and we probably expect them to remain cautious for the foreseeable future," Swinburn told Reuters during an interview.