SABMiller plc (SAB.L) and Molson Coors Brewing Co. (TAP: Quote,TPX_A.TO: Quote,TPX_B.TO: Quote) reported that MillerCoors' second-quarter net income attributable to MillerCoors LLC rose to $438.3 million from $398.7 million last year.
Underlying net income increased 9.1 percent to $436.0 million from a year ago, driven by positive pricing, favorable brand mix and cost management.
Net Sales grew to $2.22 billion from $2.13 billion in the prior-year quarter.
"As our major summer marketing programs kicked off during the second quarter, we saw sequential improvement in retail sales on our premium light brands, highlighted by the strong growth of Coors Light," said MillerCoors Chief Executive Tom Long. "We also delivered double digit growth from Tenth and Blake as we scale brands like Blue Moon and Leinenkugel's Summer Shandy to meet changing consumer tastes. Positive brand mix shifts - combined with our continued attention to cost control and sharp revenue management - were key to delivering another profitable quarter..."
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by RTT Staff Writer
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