MillerCoors Volumes Down, Profits Up

February 14, 2014Dear Client: As we reported last month, MillerCoors's Q4 trends improved, though big brand volumes were still down amid higher revenues per barrel (+3%) as the brewer continues to transition more business to the high end. Yesterday's full-year and Q4 earnings call highlighted domestic depletions down 3% full year and 1.9% per latest quarter. Coors Light declined low-single digits despite gaining premium light share, and Miller Lite was down high-single digits with improving Q4 trends to mid-single, and