MillerCoors Q3 Underlying Net Income Up 9.6%

(RTTNews) - Molson Coors Brewing Co. (TAP, TPX.TO) reported that MillerCoors third quarter underlying net income, a non-GAAP measure, increased 9.6 percent to $377.5 million versus the same period in the prior year. This increase was driven primarily by higher net pricing, positive sales mix and lower cost of goods sold. MillerCoors sales-to-retail volume (STRs) decreased 4.0% in the third quarter and sales-to-wholesalers volume (STWs) was down 0.6%.

"Joining forces with Molson Coors adds to the momentum we gained this quarter, as underlying net income grew and our premium light beers continued to gain segment share. While STR volumes were down this quarter, reflecting industry trends, we remain steadfast in our drive to achieve flat volume in 2018 and growth in 2019," said Gavin Hattersley, MillerCoors chief executive officer.

U.S. GAAP net income was $369.2 million, up 16.7 percent from last year.

Total net sales increased 0.4 percent to $2.008 billion.

Domestic net revenue per hectoliter grew 1.6 percent for the quarter as a result of favorable net pricing and positive sales mix.

Total company net revenue per hectoliter, including contract brewing and company-owned distributor sales, increased 1.5 percent. Third-party contract brewing volumes were down 5.0 percent.