DENVER (AP) – MillerCoors, a U.S. joint venture between Molson Coors Brewing Co. and SABMiller PLC, said Wednesday that its third-quarter profit climbed on cost-control efforts as well as the strength of beer brands like MGD 64.

The maker of Blue Moon and Miller Genuine Draft said its earnings rose 37 percent to $229.7 million compared with a pro-forma profit of $168.2 million a year ago.

Excluding pension related charges and other items, profit increased to $244.4 million from $190.8 million.

Revenue grew 3 percent to $2.01 billion from $1.95 billion, partly on MGD 64’s strength, while sales of mainstay Miller Lite continued to soften.

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Date: 03/04/2009 02:12 PM
By EMILY FREDRIX
AP Food Industry Writer
MILWAUKEE (AP) – MillerCoors said Wednesday that growing its premium light brands, including slumping flagship brew Miller Lite, will be key to its success.

MillerCoors Chief Executive Leo Kiely told a gathering of analysts that MillerCoors, a joint operation between Molson Coors Brewing Co. and SABMiller’s U.S. unit, is cutting costs despite high input costs and a weak economy. MillerCoors, which started operating in July, is on track to meet its target of saving $500 million in costs by 2011.

But key to the company’s long-term growth, he said in comments webcast from New York, will be expanding its top-selling light brands like Coors Light and Miller Lite, which compete in the light beer segment that dominates the U.S. market.

Coors Light has been growing steadily, while Miller Lite sales have been falling. Miller Lite sales to retailers dropped 7.5 percent in the three-month period ending in December, while Coors Light sales grew 1 percent.

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