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MillerCoors Delivers 9.5% Underlying Net Income Growth For 2012

Stocks in this article: SABTAP

Tenth and Blake Beer Company grew the MillerCoors Craft and Import portfolio by double digits in the quarter and the full year, driven by Blue Moon Brewing Company and Jacob Leinenkugel Brewing Company. Due primarily to the superior performance of Summer Shandy, Leinenkugel’s grew double digits for the year and other offerings, such as Snowdrift Vanilla Porter were drivers of Leinenkugel’s double-digit growth for the quarter. Blue Moon grew double digits for the year and high-single digits for the quarter. Peroni Nastro Azzurro once again delivered strong results, growing mid-single digits in the quarter and high-single digits for the year.

The MillerCoors Economy portfolio showed improvement for the fourth quarter over the prior two quarters in 2012, declining mid-single digits for the year and low-single digits for the quarter. Miller High Life continued its veterans program and will kick off a partnership with Harley Davidson in mid-2013. Keystone Light continued to drive its “Always Smooth” positioning primarily through digital engagement and localized marketing efforts. The brand will launch new packaging in early 2013.

The Premium Regular portfolio showed its best performance since 2008, down low-single digits for the quarter and down mid-single digits for the year. Miller Genuine Draft’s double digit decline was partly offset by continued growth of Coors Banquet, the only national Premium Regular brand in the industry to gain market share in the quarter, versus prior year. Coors Banquet grew high-single digits for the quarter and mid-single digits for the year, delivering its sixth straight year of volume growth.

Financial Highlights for the Fourth Quarter and Full Year

Domestic net revenue per barrel grew 3.5 percent for the year and 2.9 percent for the quarter as a result of strong net pricing and favorable mix.

Total company net revenue per barrel, including contract brewing and company-owned distributor sales, increased 3.3 percent for the full year and 2.9 percent for the quarter. Third-party contract brewing volumes were up 5.2 percent for the year and down 0.4 percent for the quarter.

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