MillerCoors: Record Profits, Soft-ish Sales

February 11, 2011MillerCoors: Record Profits, Soft-ish SalesDear Client:MillerCoors continues to beat expectations on synergies and cost controls, although sales remain soft. Volumes in the fourth quarter were down 2.3% excluding contract volume (down 2.2% with contract production) against an easy comp. Revenues per barrel were up 1.7% with about half of that going to mix shift upward and half to price increases, suggesting price increases in Q4 up only 0.85. EBIT was up 36%.For the full year, MillerCoors' net income