• FY net profits up 6.7% to US$1.27bn
  • Net sales in 12 months of 2013 flat at $7.8bn
  • Operating profits up 6.3% to $1.29bn
  • FY volumes slip 2.7%
The JV saw FY profits up, but volumes slide and sales flat

The JV saw FY profits up, but volumes slide and sales flat

MillerCoors saw a strong performance from its “above premium” brands offset weakness among its premium light portfolio in 2013, while its full-year profits rose by single digits.

Net profits in the 12 months to the end of December rose by 6.7% to US$1.27bn, the Chicago-based SABMiller and Molson Coors JV said today (13 February). Sales in the period were flat, however, at $7.8bn.

Operating profits climbed by 6.3% to $1.29bn, while full-year volumes slipped by 2.7% to 63.3m barrels. 

In Q4, net profits jumped by 39.1% to $237.1m, while sales were flat. Operating profits in the last three months of 2013 climbed by 35.7% to $240.5m. Volumes in the period fell by 1.8% to 14.5m barrels. 

The company reported that "marketing, general and administrative costs" decreased by 3.2% for the full year and 12% for Q4.

MillerCoors CEO Tom Long said that the group is continuing with a “strategy to grow share in the high-margin and fast-growing above-premium space”. He added: “We are encouraged by our innovation pipeline and the excellent results in the above premium space."

The company’s craft beer division, Tenth & Blake, saw “high-single digits” sales growth for the full year, it reported. Sales for the Blue Moon portfolio grew “mid-single” digits for the year, while its Redd's brand also performed strongly, the brewer said. 

However, its light beers performed less well. Coors Light’s sales fell by low-single digits in the full-year, while Miller Lite saw a high-single digits sales drop in the period.

The company this week launched a new 6.9% abv beer, Miller Fortune, in a bid to attract spirits drinkers to the beer category. 

To read the company's full statement on today's results, click here.

Click here for an analysis of MillerCoors' results.