MILWAUKEE (WTAQ) - Milwaukee's remaining mega brewer reports a higher quarterly profit, despite a drop in sales revenues.
Miller-Coors said Wednesday that it netted $291 million from January through March -- just over seven percent more than the same time a year ago.
Its revenues were 0.05 percent lower, falling to just over $2 billion.
CEO Tom Long said Miller-Coors is facing challenges in sales of its most popular brands of beer, Miller Lite and Coors Light.
Meanwhile, the firm is gaining market shares for higher-priced brands like Redd's Apple Ale and Miller Fortune.
Miller of Milwaukee and Coors of Colorado merged its U.S. operations a few years ago and moved its headquarters to Chicago. Miller still has corporate offices and a large brewery in Milwaukee.
(Story courtesy of Wheeler News Service)