MillerCoors reports Q3 earnings of US$176.4M, a 44% year-over-year decline on continued weak beer sales

NEW YORK , November 2, 2011 () – Beer maker MillerCoors said Wednesday that its third quarter net income fell 44 percent on continued weak beer sales.

The company, which sells Miller Lite, Coors Lite and other beers in the U.S., said net income in the quarter ended Sept. 30 fell to $176.4 million, from $313 million last year. Excluding one-time items, net income fell 14 percent.

Higher priced seasonal craft brand extensions, like Blue Moon Summer Honey Wheat and Leinenkugel's Summer Shandy, were popular. But sales of Miller Lite and Miller Genuine Draft fell, as did sales of the company's lowest-priced beers following a price increase.

One-time items include a write-down in the value of a brand, a charge related to pension plans and integration charges related to its MillerCoors joint venture.

Revenue fell 3 percent to $2.29 billion from $2.35 billion last year. Volume fell 4 percent to 17.2 million barrels.

MillerCoors said it cut costs during the quarter to improve results. Domestic sales to retailers were down about 2 percent, a slight improvement from the second quarter.

MillerCoors is owned by London-based SABMiller PLC and Denver-based Molson Coors Brewing Co.

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