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By Philip Blenkinsop
BRUSSELS (Reuters) – Anheuser-Busch InBev, the world’s largest brewer, reported higher-than-expected second-quarter earnings on Thursday as its Latin American consumers drank more and revenue rose globally.
The brewery of Budweiser, Corona and Stella Artois said core earnings — earnings before interest, taxes, depreciation and amortization — rose 7. 2% on a comparable basis, beating the 5. 6% increase expected by analysts in a survey compiled through the company.
The Belgian brewer repeated its forecast that the main profit would increase between 4% and 8% this year, with revenue developing faster than profits. AB InBev faces higher prices for uncooked fabrics and for beer deliveries, though much of it is already covered.
Chief Executive Michel Doukeris said that, based on the current situation, prices for next year would not accumulate as sharply as in 2022. He also said there were still no strong signs that peak global inflation is having an effect on beer. consumption.
“We communicate about this concept that beer is an affordable luxury, especially premium beers. I think other people are trading a lot more in other categories right now than in beverages, than in beer. Beer is still very resilient,” he said. Reuters.
Despite the more powerful trading, AB InBev shares fell about 4% in the early afternoon, still 7% above the point reached in June.
Broker Jefferies pointed to the company’s inability for its outlook, and said it expected a more moderate percentage value reaction if it didn’t result in any update to analysts’ estimates for the year.
Bernstein’s Trevor Stirling called the effects “solid” but said there were question marks about why underlying gains consistent with the consistent percentage were below market expectations.
Gains were most pronounced for Brazil, Colombia, Mexico and their other Latin American markets, with beer and other beverage consumption of more than 8% and double-digit gains.
In contrast, volumes in North America and its Europe, Middle East and Africa (EMEA) unit were slightly lower, with many consumers opting for more expensive “premium” beers. AB InBev has had to deal with flooding in South Africa, leading to production and supply chain disruptions in other parts of the continent. However, emea earnings were still higher than the previous year.
AB InBev’s Asia-Pacific operations also saw a decline in volumes, basically due to COVID-19 restrictions in China, but with a recovery in June as those restrictions eased.
(Reporting via Philip Blenkinsop; editing via Uttaresh. V, Carmel Crimmins, Tomasz Janowski and David Evans)