Brewer AB InBev softens third-quarter miss with share buyback

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Brewer AB InBev softens third-quarter miss with share buyback

AB InBev Budweiser and Bud Light brand ***** cans at a store in the Queens borough of New York on Feb. 28, 2024.

Bloomberg | Getty Images

Anheuser-Busch InBev on Thursday reported third quarter profits, revenues and volumes all well behind forecasts, as the top brewer sold less ***** in key markets like the ******* States, Mexico and China.

The world’s largest ***** maker however also raised its full-year guidance and announced a $2 billion share buyback over the next 12 months.

“Our teams and partners continue to ******** our strategy and we are confident in our ability to deliver”, CEO Michel Doukeris said in a statement, adding AB InBev now expected full-year organic core profit (EBITDA) growth of between 6% and 8%, versus 4-8% previously.

It reported 7.1% organic EBITDA growth for the third quarter, versus analyst expectations for 8.6% growth.

Its revenues and volumes, meanwhile, saw a 2.1% rise and 2.4% decline respectively, compared to analyst forecasts for a 3.4% increase and 0.4% decline.

The maker of Stella Artois and Budweiser ***** said it had sold less ***** in the ******* States, its largest market, with sales to wholesalers down 0.2% and sales to retailers down 3%. It did not give a reason for the fall.

It also saw a low single digit decline in Mexico, another critical market for its beers, amid adverse weather and softer consumer demand.

Revenues and volumes were down 16.1% and 14.2% respectively in China, with AB InBev flagging particular weakness in sales in venues such as bars and restaurants.

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