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SABMILLER PLC (SAB)

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SABMiller : MillerCoors Joint Venture Posts Rise In Net Income

08/06/2014 | 09:23am US/Eastern

LONDON (Alliance News) - SABMiller PLC and Molson Coors Brewing Co Wednesday said their MillerCoors joint venture saw net income increase in the second quarter as its Above Premium brands produced strong growth which offset small declines for its Premium Light lines.

Underlying net income was up 8% to USD445.7 million in the quarter to June 30, from USD412.7 million a year earlier. Total net sales were up 2.2% to USD2.21 billion, while its domestic net revenue per barrel was up 3.6%.

The brewer was given a boost by volume and value growth in the Above Premium segment, driven by its Redd's cider and Leinenkugel beer franchises. Redd's saw sales to retailers more than double in the quarter year-on-year. Leinenkugel saw high single-digit sales growth, while Blue Moon Belgian White beer posted low-single digit growth.

But the group saw its Tenth and Blake Beer Co lines post low-single digit declines in sales in the quarter year-on-year, but was up from the first quarter. The group also saw double-digit declines in its Henry Weinhard's line after it returned to being a regional brand.

In its Premium Light segment, sales to retailers were down low-single digits for both its Coors Light and Miller Lite lines.

The joint venture said cost savings amounted to USD40 million in the second quarter, mostly from procurement savings, brewery efficiencies and lower overheads.

SABMiller shares were down 0.3% on Wednesday afternoon to 3,162.50 pence.

Copyright 2014 Alliance News Limited. All Rights Reserved.

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