US: MillerCoors reports "solid" FY as profits leap
- FY net profits jump by 18.6% to US$1.19bn
- Net sales in 2012 rise by 2.8% to $7.76bn
- Operating profits also climb, by 18.7% to $1.21bn
- "Positive pricing, favourable sales mix" credited for driving profits
MillerCoors posted healthy profits for 2012 earlier today
MillerCoors has seen out its full year with healthy profits on the back of a slight lift in sales.
The US JV between SABMiller and Molson Coors said earlier today (14 February) that its net profits in 2012 came in 18.6% up on 2011, hitting US$1.19bn. Net sales in the 12 months to the end of December were up by 2.8% to $7.76bn.
Operating profits also delivered strong growth, rising by 18.7% to $1.21bn.
In Q4, however, net profits fell by 12.2% year-on-year to $170.4m, while sales were flat, rising by 1.7% to $1.78bn. Operating profits in the last quarter fell back by 9.6% to $177.2m.
“Our portfolio transformation strategy is delivering solid results," said MillerCoors' CEO Tom Long today.
Coors Light, he added, "continued to show momentum" and the group "led craft share growth" as its Tenth and Blake division delivered "very strong results" through the brands Blue Moon and Leinenkugel’s.
To read the company's official statement, click here.
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