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Home > BizTimes Daily > Archives > February 9, 2010
MillerCoors caps first full year
Published February 9, 2010 - BizTimes Daily
Facing a difficult U.S. economy that took its toll on beer sales in the fourth quarter, SABMiller plc and Molson Coors Brewing Company /quotes/comstock/13*!tap/quotes/nls/tap nonetheless today reported double-digit underlying earnings growth for MillerCoors in its first full year of operations ended Dec. 31.
MillerCoors full-year underlying net income increased by $138.7 million or 18.4 percent, while fourth quarter underlying net income decreased 21.6 percent to $106.1 million vs. the prior year.
Softening industry volumes and resulting cost deleverage were partly offset by pricing, synergies delivery, and reductions in marketing, general and administrative costs in the fourth quarter, the company said.
"It's tough out there, and we saw the effect of ongoing economic pressure and unemployment on beer sales, especially in the fourth quarter," said MillerCoors chief executive officer Leo Kiely. "But we stayed focused on our strategy and invested to grow four out of our six national focus brands in 2009. Our people made it happen, delivering strong profit growth and exceeding our synergy commitments in the midst of a recession."
In the fourth quarter, MillerCoors domestic sales-to-retailers (STRs) declined 3.6 percent primarily due to poor industry and economic conditions. For the full-year, STRs were down 1.7 percent.
