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State Shipments Up 1.1 Mil Bbls, 0.5% in 2014, Sez Beer Inst; Calif Key to Gain

Like other industry numbers, state shipment totals get tweaked as year goes on. But first look from Beer Inst for full-yr figures show shipments up 1.1 mil bbls, 0.5%. That’s very close to industry shipments trend for taxpaid + import total based on other measures. Calif led the way, as we reported all year. Volume up 880K bbls, 3.9% in Golden State, by far best trend there in yrs. In 2d biggest beer mkt, Tex, shipments up 159,000 bbls, 0.8%. Fla scored 200K-bbl, 1.5% gain and NY up 115K bbls, 1.1%. So each of top 4 mkts outperformed national trend and collectively up 1.4 mil bbls, 2%. That meant some pretty big losses in other key states: 165K bbls, 2% in Oh; 90K bbls, 1% in Pennsy; 104K bbls, 1.2% in Ill; 83K bbls, 1.3% in Mich; 100K bbls, 2.2% in NJ.

Beer Inst data shows 24 states and DC up, 26 down for the year. Regionally, biz was soft in northeast (except NY) and midwest with shipments off in New Eng, Mid-Atlantic and both EN Cent and WN Central regions. Southern trends spotty with small gain for region overall. But West was best, with Mtn states +1.7%, Pac states +3.8%. Note: legal pot didn’t hurt beer in Colo or Wash at all, with beer shipments up 2% and 3.6% respectively.

 

MillerCoors Earnings Up 3% For Yr But Down 12% in Q4; Rev Per Bbl Up 3% for Yr, But 2% in Qtr

MillerCoors reported that underlying net income grew 2.9% for yr to $1.3 bil, but dropped 12% to $213 mil in Q4 “due to lower shipment volume, unrealized losses on commodity hedges and higher marketing investment.” Mktg, gen and admin expenses up $8 mil, 2% in 4th qtr, tho still down $14 mil, 1% for yr. Total net sales up 0.6% for the yr to $7.85 bil, even tho volume down 2.5%. But sales dropped 1.1% in 4th qtr. Rev per bbl up 2.9% for yr (excluding contract and company-owned distrib) but slowed to 2% growth in qtr. Meanwhile cost of goods sold up 2.6% for yr and 3% for qtr.