This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SABMiller Annual Profit Up 1.5 Pct In Tough Market

LONDON (AP) â¿¿ SABMiller PLC, the world's second-largest brewer, on Thursday posted a modest rise in profit for the full year as strong growth in the Americas, where it owns a stake in MillerCoors, helped it through an otherwise difficult market.

SABMiller, brewer of Grolsch, Pilsner Urquell and Peroni Nastro Azzurro beers, said net profit was up 1.5 percent to $1.9 billion in the 12 months ending March 31, and revenue rose 4 percent to $26.4 billion.

Andy Blain, analyst at Shore Capital, said the results were "underwhelming" and rated the shares as "sell."

SABMiller shares were down 4.7 percent to 1,940 pence as the London Stock Exchange opened.

Earnings before interest, taxes and amortization were up 17 percent in Latin America and 7 percent in North America, where SABMiller is a partner in MillerCoors. In Europe, however, earnings were down 8 percent as lager volume fell by 5 percent.

Excluding SABMiller's stake in MillerCoors, revenue was down nearly 4 percent to $18 billion and net profit was down 3.5 percent to $2.08 billion.

Company chairman Meyer Kahn said the company had faced "very difficult trading conditions" during the year.

In the current year, SABMiller said it didn't expect a broad recovery in consumer spending until the second half of its fiscal year, beginning in October.

"Price increases will be taken selectively, predominantly in the second half, and we expect raw material input costs for the year to be level with, or marginally down on, the prior year," the company said.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,370.29 -308.41 -1.74%
S&P 500 2,028.97 -28.12 -1.37%
NASDAQ 4,689.8890 -81.8740 -1.72%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs