SABMiller plc and Molson Coors Brewing Company reported that MillerCoors underlying net income grew 5.5 percent for the full year 2013 to $1.290 billion, while fourth quarter underlying net income increased 30.2 percent to $241.9 million versus the same period in the prior year.
“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 MillerCoors Chief Executive Officer Tom Long. “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.”
Full Year and Fourth Quarter Highlights
Unless otherwise indicated, all amounts are in U.S. dollars and calculated in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). All percentages are versus the prior year comparable period and include MillerCoors operations in the U.S. and Puerto Rico.
• Underlying net income, a non-GAAP measure, increased 5.5 percent to $1.290 billion for the year and 30.2 percent to $241.9 million for the fourth quarter.
• Total net sales increased 0.5 percent to $7.801 billion for the year and 1.0 percent to $1.803 billion for the quarter.
• Domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 3.4 percent for the year and 3.1 percent for the quarter.
• Total cost of goods sold (COGS) per barrel increased 3.5 percent for the year and 4.1 percent for the fourth quarter.
• Domestic sales-to-retail (STRs) decreased 2.8 percent for the year and 1.9 percent for the quarter.
• Domestic sales-to-wholesalers (STWs) decreased 3.0 percent for the year and 2.2 percent for the quarter.
