MillerCoors, the second-largest brewer in the United States, said its third-quarter net income fell 14.1 percent on Wednesday due to a weak economy, low consumer spending and higher commodity costs.
The combined U.S. operations of SABMiller Plc
Despite the toughest headwinds we've seen as a company, we slightly improved our sales to retailer trend this quarter versus last quarter and continued to deliver our cost savings commitments, said MillerCoors CEO Tom Long who took over from Leo Kiely after he retired on June 1.
The company, formed in July 2008, said cumulative cost savings had reached $738 million and it now expects to meet its $750 million cost savings target from the merger by the end of 2011, one year ahead of originally planned.
The brewer has a U.S. beer market share of nearly 30 percent behind Budweiser-brewer Anheuser-Busch InBev's
Last month, SABMiller reported a 3 percent rise in its underlying group beer volumes for its April-September half-year led by the emerging markets of Africa, Asia and Latin America while in U.S. sales to retailers at MillerCoors fell 2.3 percent.
SABMiller shares were 0.6 percent lower at 2,208 pence in London by 1145 GMT.
SABMiller, the world's No 2 brewer behind AB InBev, has agreed a cash takeover for Australian brewer Foster's Group
(Reporting by David Jones)