MillerCoors Q2 Underlying Net Income Down 3.8%

(RTTNews) - SABMiller plc (SAB.L, SBMRY.PK) and Molson Coors Brewing Company (TAP, TPX.TO) reported that MillerCoors second quarter underlying net income declined 3.8 percent to $468.8 million versus the same period in the prior year. This decline was driven primarily by the timing of shipments due to year-over-year calendar shifts, partially offset by lower cost of goods sold, higher net pricing and positive sales mix.

MillerCoors's U.S. GAAP net income for the second-quarter was $429.5 million, down 11.8 percent, driven by special items related to the closure of the Eden Brewery, as well as the timing of shipments due to year-over-year calendar shifts.

MillerCoors's quarterly total net sales decreased 3.5 percent to $2.127 billion.