A customer walks past the brewery section of a HEB grocery store in Austin, Texas, March 2, 2023. The owner of Budweiser, his AB InBev, is the world’s largest brewing company.
Brandon Bell | Getty Images News | Getty Images
Budweiser owner anheuser busch inbev It reported a surge in first-quarter earnings on Thursday, proving that the beer industry is resilient despite inflationary pressures.
The Belgium-based company, the world’s largest brewing giant, reported core profit of $4.76 billion, up 13.6% from the first quarter of 2022. The rise is up compared to his 5.6% consensus estimate released by the company. Underlying earnings attributable to shareholders increased to $1.3 billion from $1.2 billion in the year-ago quarter.
Revenue increased 13.2% year-on-year to $14.2 billion, slightly above the $14.1 billion forecast, according to Refinitiv data.
The company said this was due to “pricing” and “premiumization” of its products, which saw volume increase by 0.9% over the period. House beer sales volume increased his 0.4%, while non-beer sales volume increased his 3.6%.
AB InBev also owns brands such as Beck’s, Corona and Stella Artois.
“Beer industry performance improved in the first quarter of 2023, demonstrating resilience even in the ongoing inflationary environment,” the company said in its earnings report.
Non-alcoholic beer revenues increased 30% in the fourth quarter. The company also said sales growth in its main beer portfolio was strong outside its largest market, the United States, driven by a recovery in consumer demand in China and continued growth in India.
Earlier this week, AB InBev’s rival Molson Coors told a similar story with its first-quarter results, beating profit expectations as customers continued to buy its products despite higher prices.
In April following the reporting period, AB InBev faced the following challenges: online backlash After a brief social media partnership with a transgender influencer, I decided against the Bud Light brand. Online personalities called for a beer boycott, but some said AB InBev didn’t endorse TikTok star Dylan Mulvaney enough afterward.
Later that month, the company said it worked with “hundreds of influencers across brands” as one of many ways to “reliably connect with audiences of different demographics.”
AB InBev shares rose 0.5% in early trading on Thursday.
Summarize this content to 100 words A customer walks past the brewery section of a HEB grocery store in Austin, Texas, March 2, 2023. The owner of Budweiser, his AB InBev, is the world’s largest brewing company.Brandon Bell | Getty Images News | Getty ImagesBudweiser owner anheuser busch inbev It reported a surge in first-quarter earnings on Thursday, proving that the beer industry is resilient despite inflationary pressures.The Belgium-based company, the world’s largest brewing giant, reported core profit of $4.76 billion, up 13.6% from the first quarter of 2022. The rise is up compared to his 5.6% consensus estimate released by the company. Underlying earnings attributable to shareholders increased to $1.3 billion from $1.2 billion in the year-ago quarter.Related investment newsRevenue increased 13.2% year-on-year to $14.2 billion, slightly above the $14.1 billion forecast, according to Refinitiv data.The company said this was due to “pricing” and “premiumization” of its products, which saw volume increase by 0.9% over the period. House beer sales volume increased his 0.4%, while non-beer sales volume increased his 3.6%.AB InBev also owns brands such as Beck’s, Corona and Stella Artois.”Beer industry performance improved in the first quarter of 2023, demonstrating resilience even in the ongoing inflationary environment,” the company said in its earnings report.Non-alcoholic beer revenues increased 30% in the fourth quarter. The company also said sales growth in its main beer portfolio was strong outside its largest market, the United States, driven by a recovery in consumer demand in China and continued growth in India.Earlier this week, AB InBev’s rival Molson Coors told a similar story with its first-quarter results, beating profit expectations as customers continued to buy its products despite higher prices. In April following the reporting period, AB InBev faced the following challenges: online backlash After a brief social media partnership with a transgender influencer, I decided against the Bud Light brand. Online personalities called for a beer boycott, but some said AB InBev didn’t endorse TikTok star Dylan Mulvaney enough afterward.Later that month, the company said it worked with “hundreds of influencers across brands” as one of many ways to “reliably connect with audiences of different demographics.”AB InBev shares rose 0.5% in early trading on Thursday.
https://www.cnbc.com/2023/05/04/budweiser-owner-ab-inbev-reports-profit-hike-as-beer-drinkers-shoulder-higher-prices.html Budweiser owner AB InBev reports increased profits as beer drinkers shoulder the price hike.