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TheStreet Open House

Molson Coors Reports Higher Net Sales And Underlying After-Tax Income For The Third Quarter

COGS per hectoliter increased 0.5 percent driven by packaging innovation and commodity inflation, largely offset by cost savings initiatives.

MG&A costs increased 0.4 percent, driven by increased marketing investments, partially offset by timing of general and administrative expenses.

Depreciation and amortization expenses for MillerCoors in the third quarter were $71.0 million, and additions to tangible and intangible assets totaled $58.2 million.

Central Europe Business (3)

Central Europe underlying pretax income decreased 2.2 percent to $79.8 million in the quarter due to unfavorable foreign currency movements, which reduced earnings approximately $15 million versus the pro forma quarter a year earlier. In local currency, underlying income increased nearly 16 percent driven by positive pricing and lower marketing, general and administrative expense, which were partially offset by the impact of input cost inflation and lower volume.

Central Europe sales volume decreased 1.5 percent primarily due to a decrease in consumer demand, particularly in September. The business maintained strong market share in the region.

Net sales per hectoliter increased 4 percent in local currency due to positive net pricing.

COGS per hectoliter increased 6 percent in local currency, primarily driven by package mix changes and input cost inflation, particularly packaging materials, utilities and fuel.

MG&A expenses decreased 16 percent in local currency, due to lower overhead and marketing costs.

United Kingdom Business

U.K. underlying pretax income decreased 63.1 percent to $10.1 million in the quarter, due to lower volume, higher input inflation and pension expense and cycling a reduction in employee incentive compensation last year, partly offset by cost savings initiatives. These results reflect a minimal negative impact on underlying earnings from a 1.9 percent depreciation of the British Pound versus the U.S. Dollar.

U.K. STRs decreased 4.8 percent due to a weak U.K. market impacted by economic conditions.

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