MillerCoors’ income increases in third quarter

Special to The Freeman

Nov. 6, 2014

DENVER — SABMiller plc and Molson Coors Brewing Company reported Thursday that MillerCoors’ net income increased 3.5 percent during the third quarter to $376.7 million versus the same period in 2013, due to positive pricing, sales mix and cost savings. Total net sales increased 0.9 percent in the third quarter to $2.070 billion.

“Despite a tough quarter in the overall industry, MillerCoors delivered profit growth driven primarily with Above Premium brands like Redd’s, Smith & Forge, Leinenkugel’s Summer Shandy and Blue Moon Belgian White,” said Tom Long, MillerCoors CEO, in a statement. “Our success model is to continue to develop our Above Premium portfolio and to renovate our Premium Light business behind Coors Light and Miller Lite, two iconic brands with unmatched quality and consistency. We’ve demonstrated that when we market these brands and tell their story with conviction, consistency and authenticity, beer drinkers respond positively. We believe we are on the right track and will accelerate our investments to grow our priority brands.”

The domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 2.5 percent, according to the company, and total cost of goods sold per barrel increased 2 percent.