MillerCoors reports flat revenue

MillerCoors LLC today reported third quarter net income of $381.3 million, up from $352.9 million in the third quarter of 2013.

Revenue was $2.1 billion, flat from the third quarter last year.
The brewer, which is based in Chicago, completes most of its brewing in Milwaukee.

The Premium Light portfolio sales-to-retailers were down mid-single digits, with Coors light down mid-single digits and Miller Lite down low single digits in the third quarter.

Above Premium portfolio sales-to-retailers were up mid-single digits.

“Despite a tough quarter in the overall industry, MillerCoors delivered profit growth driven primarily with Above Premium brands like Redd’s, Smith & Forge, Leinenkugel’s Summer Shandy and Blue Moon Belgian White,” said Tom Long, MillerCoors CEO. “Our success model is to continue to develop our Above Premium portfolio and to renovate our Premium Light business behind Coors Light and Miller Lite, two iconic brands with unmatched quality and consistency. We’ve demonstrated that when we market these brands and tell their story with conviction, consistency and authenticity, beer drinkers respond positively. We believe we are on the right track and will accelerate our investments to grow our priority brands.”

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