MillerCoors Earnings Rise as Warm Weather Drives Summer Beer Sales

MillerCoors TAP net income rose 17.3% as warmer weather enticed customers to bring out beers like Leinenkugel's Summer Shandy earlier in the year. Income for the Denver, Colo., and London-based company was $275.3 million from $234.7 million a year earlier as sales increased to $2.03 billion in the first quarter of 2012. The company sold nearly 40,000 fewer barrels than last year, a decrease off-set by a 3.9% increase in revenue per barrel, the highest quarterly increase in three years, per domestic barrel. "We saw net revenue growth that was primarily driven by strong mix, positive pricing and unseasonably warm weather, particularly around St. Patrick's Day,” Chief Executive Officer Tom Long said in a press release issued today. “We are encouraged by our trend improvements, and we have the right strategy, programs and people in place to continue growing our brand strength and earning customer preference." Warmer spring weather in key MillerCoors regions – the Midwest and Northeast—drove double digit growth in craft and import beers. Leinenkugel's Summer Shandy showed up on shelves a month earlier this year and sales volumes more than doubled for the first quarter. Sales of Miller Lite declined by low single and Coors Light grew by a comparable amount as it announced sponsorship of Mexico's First Division Soccer League and African American community leadership program “Ice Cold Leader.” Earnings from Brussels-based competitor Anheuser-Busch increased 44.7% to $1.67 billion in the first quarter as revenue per barrel increased about 5.8%