MillerCoors Q3: New Plans, But No More (Big) Line Extensions

Dear Client:As reported when SABMiller put out earnings early last month, MillerCoors Q3 STRs were down 2.5% in the quarter; shipments were down 4.6%. MillerCoors reported more color on Q3 this morning: Domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, were up 1.2% on positive pricing and sales mix. Total net sales decreased 3.4% to $2 billion. Total cost of goods sold per barrel were down almost 1%. During the quarter, Coors Light and Miller Lite