MillerCoors Call: Gavin’s Three Priorities

Dear Client: We reported MillerCoors Q2 depletion loss of 3.2% couple weeks ago, when SAB shared their results. Now we have a bit more color: Shipments were also down 1.6% in the quarter. But, impressively, MillerCoors second quarter underlying net income grew 9.3% to $487.2 million. Recall, both premium lights brands declined low-single digits in the quarter, though they reportedly gained share of the premium light category, per Nielsen. Coors Light Citrus Radler launch didn't meet expectations, interim CEO Gavin