MillerCoors: Record Profits, Soft-ish Sales

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%

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