MillerCoors Profits Up 28%
As part of MolsonCoors' earnings results announced this morning, it emerged that MillerCoors reported rocking profits for the third quarter ending September were up 28% to $244 million. Despite soft STRs (as previously reported in SABMiller's update a few weeks ago, MC STRs were down 1.3% for the quarter), MillerCoors more than made up for that in price and mix increases, with revenue per barrel up a big 3.7% due to "sustained price increases taken in the fall of 2008 and reductions in discount activity." In fact, COGS were up only 3.5%, so there was a slight margin expansion, something we rarely have seen in the beer business in the last few years
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