7th May 2014 13:17
LONDON (Alliance News) - MillerCoors LLC, a joint venture between Molson Coors Brewing Co. (TAP, TPX.TO) and SABMiller PLC. (SAB.L, SABMRY.PK), reported Wednesday that its first-quarter net income attributable to the company was USD291.2 million, higher than last year's USD271.9 million.
First-quarter underlying net income grew 7.4% to USD291.9 million, driven by positive pricing and sales mix, cost savings, and lower marketing spending, primarily due to timing differences, the company said.
MillerCoors' underlying earnings before interest, taxes and amortization excluding exceptional items or EBITA-Restated was USD315.9 million, compared to USD284.8 million a year ago.
Sales dropped to USD2.050 billion from last year's USD2.057 billion. Total net sales increased 0.1% to USD1.790 billion.
Total company net revenue per barrel, including contract brewing and company-owned distributor sales, increased 3.4%. Domestic net revenue per barrel grew 3.3%
STW volume in barrels was 14,051, compared to 14,514 a year ago.
Copyright RTT News/dpa-AFX
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