February 15/Johannesburg, South Africa/Food & Beverage Close-Up -- SABMiller and Molson Coors Brewing Company reported that MillerCoors' underlying net income increased at double-digit rates in the fourth quarter and full year ended Dec. 31, 2010, despite one of the most challenging years on record for the U.S. beer industry.
In a release dated February 10, the company said MillerCoors fourth quarter underlying net income, excluding special items, increased 38.0% to $146 million compared with the prior-year period, while full-year underlying net income increased 21.9% to $1.087 billion behind positive pricing, favorable brand mix, and continued strong cost management. While industry volumes remained soft in the quarter, MillerCoors' Premium Light portfolio saw continued trend improvements.