US: MillerCoors reports Q3 profits, sales rise

4 November 2009 | Source: just-drinks.com editorial team

Higher beer prices helped MillerCoors, the US brewing venture of SABMiller and Molson Coors, to increase net sales in the third quarter of 2009, with the group also reporting a double digit rise in profits.

Net sales for the three months to the end of September rose by 3% to US$2bn, against an equivalent $1.95bn in the same period of last year.

Price rises helped the brewer to offset a dip in volume sales, to 18.4m barrels from 18.6m.

Underlying net profits, excluding one-off items, increased by 28% to $244m for the quarter, said the brewer, adding that it achieved $73m in syergies from the joint venture deal during the quarter. Operating profits for the three months rose to $232m, against $171m last year.

"We are delivering our synergies, controlling costs and managing revenue for sustainable profit growth," said MillerCoors CEO Leo Kiely. 

"In this challenging economic environment, we're also realising the benefit of a well balanced portfolio that offers consumers choice and variety in all segments."

MillerCoors raised its syergy target for 2009 to $270m, against an original forecast of $225m 
 
For the first nine months of the year, net sales rose to $5.86bn, from $5.7bn last year.

For the full announcement, click here.

An update, following the company's conference call, appears here.