MillerCoors parent company Molson Coors Brewing Co. today reported the joint venture’s third quarter results.
MillerCoors LLC’s net income was $316.5 million in the third quarter, down from $376.5 million in the same period a year ago.
The brewing joint venture, which is based in Chicago and brews much of its beer in Milwaukee, recorded quarterly operating income of $323 million, down from $381.9 million in the third quarter of 2014.
MillerCoors’ revenue totaled $2.3 billion in the third quarter, down from $2.4 billion in the same period a year ago.
The decrease was driven by lower volume and increased marketing investment, the company said.
London-based SABMiller owns 58 percent of MillerCoors, while Denver-based Molson Coors holds 42 percent of the joint venture. SABMiller is in the process of being acquired by Belgium-based Anheuser-Busch InBev, which in the U.S. likely means Molson Coors will take full ownership of MillerCoors to avoid antitrust concerns.