Interesting that Wall St Jnl headlined cautious comments from SABMiller that there would be “no more than modest improvements in consumer spending in some more developed economies” like US and Europe. While SAB’s global beer volume up 3% for fiscal yr thru Mar 31, US down 3% and Europe down 1%. SABMiller volume up 8% in Latin America and 13% in Africa. Total global SABMiller revs jumped 11% to $31.4 bil, while EBITA up 8% organically to $5.6 bil. Adjusted EBITDA up 10% to $6.2 bil with a 23% margin. That’s about 40% of ABI global EBITDA.
Despite “mature” mkt comment, SABMiller ceo Graham Mackay sounded surprisingly upbeat about MillerCoors overall. Big mainstream brands “going through harder times right now with the recovery from the financial crisis than we will see and have seen on average. So I think there is some recovery to be expected.” There is “momentum” behind Coors Light aluminum can and Miller Time and Miller 64 efforts “well-received. So we are making great efforts and I think many of those are looking positive,” he said. MC also “investing” in above-premium thru Tenth and Blake, he said, citing several new brands/acquisitions. “So nobody could accuse us of being short on innovation, particularly in that segment of the market…. You don’t get 100% hit rate with innovations, obviously, and we don’t expect that. But we certainly think that we’re matching action to the opportunities.”