MillerCoors is seen a boost from its craft beer division Tenth & Blake

MillerCoors is seen a boost from its craft beer division Tenth & Blake

Earlier today (14 February) MillerCoors, the US JV between SABMiller and Molson Coors, announced a jump in full-year net profits, up 18.6% to US$1.19bn. This came despite a moderate sales performance, up by 2.8% to $7.76bn. Here just-drinks takes a look at the figures in more detail:

Financial performance

  • Domestic net revenue per barrel was up by 3.5% for the full-year and 2.9% for Q4 due to "strong net pricing and favourable mix"

  • Group net revenue per barrel, including contract brewing and company-owned distributor sales, rose by 3.3% in 2012 and 2.9% for the last quarter.

  • In Q4, total cost of goods sold (COGS) rose by 1.6% as a result of "commodity inflation and packaging innovation".

  • COGS were offset by $25m cost savings "primarily related to procurement savings and brewery efficiencies", the company said.

Brands/portfolios

Coors Light - 2012 was the brand's "eighth consecutive year of volume growth", the company said. In Q4 it grew low single-digits, "outpacing the total category".

Miller Lite - in the full-year, the brand declined by "low-single digits" and "mid-single digits" in Q4. A new "iconic" bottle for the on-trade is planned in the middle of this year.

Tenth and Blake Beer Company - the division boosted the group's craft and import portfolio by "double digits" in the quarter and the full year, driven by Blue Moon and Leinenkugel's. Peroni Nastro Azzurro was also up by mid-single digits in the quarter and high-single digits for the year.

Economy portfolio (Miller High Life, Keystone Light) - declined "mid single-digits for the year and low single-digits for the quarter".

Premium Regular portfolio (Miller Genuine Draft, Coors Banquet) - down "low single-digits for the quarter and down mid single-digits for the year".