From SensÂ
May 7, 2014 (London and Denver) â SABMiller plc (LN:SAB; OTC:SABMRY) and Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) reported that MillerCoors first quarter underlying net income grew 7.4 percent to $291.9 million versus the same period in the prior year. This income growth was driven by positive pricing and sales mix, cost savings, and lower marketing spending, primarily due to timing differences versus last year.
First Quarter Highlights:
- Underlying net income, a non-GAAP measure, increased 7.4 percent to $291.9Â million for the first quarter.
- Total net sales increased 0.1 percent to $1.790 billion.
- Domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 3.3 percent.
- Total cost of goods sold (COGS) per barrel increased 3.8 percent.
- Domestic sales-to-retail (STRs) decreased 3.4 percent.
- Domestic sales-to-wholesalers (STWs) decreased 3.0 percent.
âIn the first quarter, we continued to gain share in the high-margin and fast-growing Above Premium space with Miller Fortune and the Reddâs franchise,â said MillerCoors Chief Executive Officer Tom Long. âIn Above Premium, we are expanding the category and attracting new legal drinking age consumers to beer with our innovations and brands like Leinenkugelâs and Blue Moon. The key to our success will be our performance in Premium Lights, which have been particularly challenged recently, including in the first quarter. We have made Miller Lite more relevant for millennials by bringing back the Original Lite Can, and we gained share in the Premium Light segment. This month, we will continue to engage legal drinking age millennials around Premium Lights with the release of Coors Lightâs first line extension, Coors Light Summer Brew.â
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