SABMiller plc (SAB.L) and Molson Coors Brewing Co. (TAP, TAP.TO) announced fourth-quarter results for their joint venture, MillerCoors, reporting net income attributable to MillerCoors of US$102.2 million, compared to net income of US$54.1 million in the year ago quarter.
Underlying net income, excluding special items, decreased 21.6% to US$106.1 million, from US$135.3 million in the same quarter last year.
Net sales declined 1.6% to US$1.712 billion, from US$1.74 billion in the year ago quarter. Excluding contract brewing and company-owned distributor sales, domestic net revenue decreased 2.1% to $1.585 billion. Third-party contract brewing volumes declined 4.1% versus prior quarter.
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