Q3 stays strong for MillerCoors as YTD profits grow
- Nine-month net profits increase by 7.7% to US$1.11bn
- Sales in nine months to end of September rise by 1.1% to $6.07bn
- Year-to-date operating profits lift by 7.9% to $1.13bn
- Q3 net profits rise by 8% to $376.5m
- Sales in three months to end of September flat, rising 0.9% to $2.07bn
- Operating profits in third quarter climb by 7.7% to $381.9m
Rising profits on flat sales is the name of the game for MillerCoors in its year-to-date
MillerCoors has seen its healthy half-year continue into Q3, with year-to-date profits rising on slightly increased sales.
Net profits in the nine months to the end of September were up by 7.7%, mirroring the performance of the bottom line in the first half of 2014. Sales performed similarly to the half-year, rising by 1.1%.
In the third quarter, net profits were up on flat sales. The company, jointly-owned by SABMiller and Molson Coors, flagged positive pricing, sales mix and cost savings as driving the quarterly performance.
Tom Long, MillerCoors CEO:
“Despite a tough quarter in the overall industry, MillerCoors delivered profit growth driven primarily with 'Above Premium' brands like Redd’s, Smith & Forge, Leinenkugel’s Summer Shandy and Blue Moon Belgian White. Our success model is to continue to develop our Above Premium portfolio and to renovate our Premium Light business behind Coors Light and Miller Lite."
In volume terms, sales-to-retailers were down by 3.7%, while sales-to-wholesalers slipped by 1.7%.
The JV said it achieved $31m of cost savings in the third quarter, through "procurement savings, brewery efficiencies and lower overhead costs".
To read the company's official statement, click here.
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