SABMiller plc (SAB.L) and Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) reported that MillerCoors second quarter underlying net income increased 9.1 percent to $436.0 million versus prior year, driven by positive pricing, favorable brand mix and cost management.
“As our major summer marketing programs kicked off during the second quarter, we saw sequential improvement in retail sales on our premium light brands, highlighted by the strong growth of Coors Light,” said MillerCoors Chief Executive Tom Long. “We also delivered double digit growth from Tenth and Blake as we scale brands like Blue Moon and Leinenkugel’s Summer Shandy to meet changing consumer tastes. Positive brand mix shifts – combined with our continued attention to cost control and sharp revenue management – were key to delivering another profitable quarter. We continue to make progress against our strategy of strengthening our core business, while evolving our portfolio to match consumer demand.”
Second Quarter Highlights
Unless otherwise indicated, all amounts are in U.S. dollars and calculated in accordance with U.S. GAAP. All percentages are versus the prior-year comparable period and include MillerCoors operations in the U.S. and Puerto Rico.
- Underlying net income (a non-GAAP measure) increased 9.1 percent to $436.0 million.
- Total net sales increased 4.3 percent to $2.224 billion.
- Domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 3.6 percent.
- Total cost of goods sold (COGS) per barrel increased 2.5 percent.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV