MillerCoors LLC today reported fourth quarter net income of $239.9 million, up from $172.3 million in the fourth quarter of 2012.
Fourth quarter revenue was $1.8 billion, up from $1.7 billion in the same period a year ago.
For the full year, net income was $1.28 billion, up slightly from $1.20 billion in 2012. Revenue was $7.8 billion, up slightly from $7.7 billion in the prior year.
Tenth and Blake Beer Co., named for the Chicago-based brewery’s Colorado and Milwaukee craft brewing facilities, continued to drive results, with high single digit growth for the year. The national expansion of the Chippewa Falls-based Leinenkugel’s Shandy line was a boon to the division.
Miller Lite was down by high single digits for the year, but the company saw interest in its retro can release in December and has extended the national promotion through September 30.
“With our strong fourth quarter profit growth, we have momentum going into the new year as we continue to execute our strategy to grow share in the high-margin and fast-growing above premium space,” said Tom Long, chief executive officer. “We are encouraged by our innovation pipeline and the excellent results in the above premium space. Last year, we led the industry in above premium share growth with Blue Moon, Leinenkugel’s, Batch 19 and our successful launch of Redd’s Apple Ale. Coors Banquet continues on its exceptional path. We are holding share in the premium light segment and have strong plans in place for both Coors Light and Miller Lite in the year ahead.”