Profits up, but sales reflects flat growth for the major brewers
Molson Coors Brewing Company released its financial results for the third quarter ending September 24, 2006. Net sales and net income both increased in the quarter compared to the same period a year ago, but sales volume (shipments to distributors) was flat.
Net sales increased 3.3 percent to $1.58 billion, but company sales volume of 11.2 million barrels was unchanged.
Leo Kiely, Molson Coors president and chief executive officer, said, “Our third quarter results demonstrate consistent progress strengthening the fundamentals of our company, even while we face tough competitive and cost pressures in all of our markets.”
Canada sales volume of 2.3 million barrels was down 2.5 percent from the same period a year ago while net sales were up 6.1 percent from third quarter of 2005.
The domestic picture was a bit brighter for the third largest US brewer, but not much. Sales to retail increased 1.4 percent, driven largely by a low-single-digit increase in Coors Light volume and a low double-digit increase in Keystone Light.