AB InBev Sticks to Profit Forecast Despite Bud Light Hit to U.S. Sales

Anheuser-Busch InBev reported a rise in revenue and stuck to its full-year guidance on Tuesday despite a hit to U.S. sales as some drinkers boycotted Bud Light.

AB InBev reported underlying earnings per share of 86 cents on sales of $15.57 billion for the September quarter. Analysts had expected the beer company to report underlying earnings of 84 cents a share on sales of $15.72 billion, according to a FactSet consensus.Revenue in the U.S. declined by 14% as AB InBev’s flagship American brand Bud Light is facing a conservative boycott over its marketing partnership with transgender influencer Dylan Mulvaney.

“Our total beer market share has remained stable since the last week of April through the end of September,” the company said in its results. Last week, mixed-martial arts league the UFC appointed AB InBev’s Bud Light as its official beer in the U.S. and official global beer partner. AB InBev reiterated its previous guidance that it expects its 2023 earnings before interest, taxes, depreciation, and amortization to grow in line with its medium-term outlook of between 4% to 8% and revenue to grow ahead of Ebitda.Write to Adam Clark at adam.clark@barrons.com

Source: News Formal (newsformal.com)

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