US: MillerCoors sees YTD profits jump as volumes stay flat

• Nine-month net profits jump by 26% to US$1.02bn  
• Net sales rise by 3.1% to $5.98bn      
• Operating profits increase by 25.4%% to $1.03bn
• Group volumes remain flat, dipping 0.2%

MillerCoors has posted a sharp increase in year-to-date profits as volumes and sales remained largely flat.

Net profits increased by 26% to US$1.02bn in the nine months to the end of September, the brewer, a JV between Molson Coors and SABMiller, said today (7 November). Net sales edged up by 3.1% to $5,98bn over the same period, while operating profits jumped by 25.4%% to $1.03bn.

In Q3, net profits increased by 73.9% to $306.9m in the three months to the end of September and net sales increased by 1.5% to $1.99bn. Operating profits increased by 73.2% to $310.5m.

The results extend MillerCoors' strong start to the year, after first-half profits were up by 13.2% and H1 sales up by 4%.

Positive pricing, favourable brand mix and strong cost management drove the growth, the company said. 

Volumes remained flat, but MillerCoors CEO Tom Long toasted the performance, including that of key brand Coors Light.

“This quarter we delivered significant profit growth and improved our year-to-date share trend,” he said.

“Strong investment, clear positioning and packaging innovation for Coors Light have helped drive nearly eight consecutive years of growth for our largest brand. We have a pipeline of innovation to drive our largest brands, and we’re launching exciting above premium products nationally in early 2013.”

To read the company's official statement, click here.