MillerCoors reports lower profit on decreased volume

MillerCoors Milwaukee brewery
The MillerCoors brewery in Milwaukee.

MillerCoors parent company Molson Coors Brewing Co. today reported the joint venture’s third quarter results.

MillerCoors Milwaukee brewery
The MillerCoors brewery in Milwaukee.

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.

Molly Dill, former BizTimes Milwaukee managing editor.

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