Anheuser-Busch InBev volumes unexpectedly increased as robust demand for beer in the region that includes Mexico offset sluggishness in the US and China.
The world’s largest brewer reported a 0.8% rise in organic volume growth in the first quarter, with beer up by 1.2%, according to a statement on Tuesday. Analysts had expected a 0.3% drop.
“This is a high-quality print,” Edward Mundy and Sebastian Hickman, analysts at Jefferies, wrote in a note. They cited beats across volumes, revenue, and Ebitda.
Strong beer demand in Mexico, Colombia, and Peru drove volumes in the region up 4.8% in the period, offsetting a 3.1% decline in North America and a 0.4% drop in the region that includes China, amid a broad-based reduction in drinking. Revenue also rose in non-alcohol beer and in the non-beer segment.
Producers of alcoholic drinks have been grappling with a consumer pullback due to concerns about cost and negative health impacts. AB InBev is seeking to diversify its portfolio with its growing non-beer category, which includes ready-to-drink beverages, or RTDs.
While rival beer makers Heineken NV and Carlsberg A/S have warned the conflict in Middle East has raised the cost of energy and raw materials, Citigroup analyst Simon Hales said AB InBev is less exposed due to its skew to the Americas.
The Belgium-based company maintained its medium-term outlook of growth in earnings before interest, tax, depreciation, and amortization of between 4% and 8%.
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