This Day On The Street
Continue to site
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

MillerCoors Says Price Hikes Helped Lift 2Q Profit

DENVER (AP) â¿¿ Beer maker MillerCoors said Tuesday that higher prices and cost management helped lift its net income by 10 percent in the second quarter.

For the three months ended June 30, the seller of Miller Lite and Coors Lite in the U.S. said it earned $438.3 million, up from $398.7 per share. Not including one-time costs, the company said its operating income rose 9.1 percent to $436 million.

MillerCoors is a joint venture owned by London-based SABMiller PLC and Denver-based Molson Coors Brewing Co.

The company said sales to retailers were down 1.4 percent during the quarter, which the company said was the result of the challenging economy. It also noted that unemployment among its key customer demographics worsened. Sales to wholesalers rose 0.3 percent.

Net sales rose to $2.22 billion, from $2.13 billion a year ago.

The company said Coors Light posted low-single digit growth for the quarter, helped by new lines such as Coors Light Silver Bullet Aluminum Pint. Miller Lite declined in the low-single digits, however.

The company's craft beer and import portfolio grew by double digits, helped by Leinenkugel's, Blue Moon and Peroni Nastro Azzurro. The below-premium portfolio â¿¿ which includes Miller High Life and Keystone Light â¿¿ declined in the mid-single digits. The premium portfolio, which includes Miller Genuine Draft, was down in the mid-single digits.
Copyright 2011 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 This material may not be published, broadcast, rewritten or redistributed.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

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.44 -0.95%
GOOG $692.33 -0.84%
TSLA $232.32 -3.92%
YHOO $36.02 -1.40%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs