SABMiller Earnings Spike 19 Percent

Published by: Mike Goldman on 18th Nov 2010 | View all blogs by Mike Goldman
SABMiller.jpg

SABMiller Earnings Spike 19 Percent

SABMiller Plc., who makes Grolsch and Peroni beers, reported first half profits that exceeded analysts' projections as the company's presence grew in all regions other than Europe.  The results led to the company's stock soaring to an all-time high.

The company's adjusted earnings climbed 19 percent to $1.47 billion in the six months ending September compared with adjusted earnings of $1.24 billion for the same period a year earlier.  Economists participating in a recent Bloomberg News survey had forecast, on average, earnings of $1.37 billion.

The beermaker's profits gained in four of five continents, helped by strong volume growth in Africa and China, higher prices, and the performance of the company's operating currencies against the dollar.  In Latin America, the company's biggest region, earnings climbed ten percent as price hikes and lower raw materials costs erased a decline in volume caused by poor weather.

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