MillerCoors 3Q Profit Up On Cost-control Efforts
DENVER (AP) ¿ MillerCoors, a U.S. joint venture between Molson Coors Brewing Co. and SABMiller PLC, said Wednesday that its third-quarter profit climbed on cost-control efforts as well as the strength of beer brands like MGD 64.
The maker of Blue Moon and Miller Genuine Draft said its earnings rose 37 percent to $229.7 million compared with a pro-forma profit of $168.2 million a year ago.
Excluding pension related charges and other items, profit increased to $244.4 million from $190.8 million.
Revenue grew 3 percent to $2.01 billion from $1.95 billion, partly on MGD 64's strength, while sales of mainstay Miller Lite continued to soften.MillerCoors said its pricing remained solid, with domestic net revenue per barrel up 3.7 percent when removing contract brewing and company-owned distributor sales. The company credited the improved performance to price increases implemented in the fall of 2008 and less discounting. MillerCoors, which is based in Denver, was also helped by its cost-control efforts, which included a 4.5 percent decline in marketing, general and administrative costs.
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