Miller Light Gobbles Up Bud Light's Beer Market

Bud Light’s decline is benefiting one of its biggest rivals. Molson Coors, brewer of Miller Light and Coors Light beers, reported, its single best quarter of revenue since its 2005 merger, as drinkers continue to shift their allegiance away from the Anheuser Busch-made beer, Jordan Valinsky reported for CNN.

Photo Insert: The company's net income for the second quarter grew to $342 million, up from $47 million in the same period a year earlier.

Molson Coors said that combined US sales of its two flagship beers outsold Bud Light by 50% in the second quarter and were 30% higher than Modelo Especial, which overtook Bud Light sales in May and June.

That’s a drastic change from the same quarter a year ago, when Bud Light sales were higher than Coors Light and Miller Light sales combined.

Net income for the second quarter grew to $342 million, up from $47 million in the same period a year earlier.

Sales also rose 11.8% to $3.3 billion, but that came in slightly below analysts’ expectations, resulting in shares sliding more than 2% in premarket trading. Molson Coors also hiked its full-year guidance to “reflect the continued strength we are seeing in our core brands in the US.”

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