By Dee-Ann Durbin
Anheuser-Busch InBev reported higher-than-expected revenue in the first quarter despite lower sales in the U.S. and China.
The world's largest brewer — whose brands include Budweiser, Stella Artois and Corona — said its revenue rose 2.6% to $14.5 billion. That beat Wall Street's forecast of $14.3 billion, according to analysts polled by FactSet.
Volumes declined 0.6% for the quarter, the Leuven, Belgium-based company said. Beer volumes were down 1.3%, while volumes of non-beer products – including Cutwater and Nutrl spirits – rose 3.5%.
The company continued to struggle in the U.S., where revenue fell by 9% for the January-March period. North American beer volumes dropped 10% for the quarter.
Sales of Bud Light, the company's longtime bestseller in the U.S., plunged last spring amid conservative backlash after the brand sent a commemorative can to transgender influencer Dylan Mulvaney. Customers who felt Bud Light didn't do enough to support Mulvaney also abandoned the brand.
InBev CEO Michel Doukeris said Wednesday that U.S. beer volumes did improve from the end of last year, and the company is seeing significant U.S. market share gains for some of its other brands, including Michelob Ultra and Busch Light.
Doukeris said Michelob Ultra will get a further marketing push during the Olympics this summer. In January, the U.S. Olympic and Paralympic Committee announced that Michelob Ultra will be the exclusive beer sponsor for Team U.S.A. for this summer's Olympics and will be the official beer sponsor of the Olympic games in Los Angeles in 2028.
AB InBev also announced a deal with the International Olympic Committee in January which makes it the first beer brand to sponsor the Olympics in the 40-year history of the sponsorship program. Corona Cero, the zero-alcohol version of the Corona brand, will be the focus of the global sponsorship.
"We will be focused on doing what we do best. Our brands will show up in a big way," Doukeris said during a conference call with investors Wednesday.
Doukeris said bad weather marred first-quarter sales in China, where revenue was down 2.7%. But he said the long-term trend toward premiumization in China bodes well for InBev's brands.
InBev said revenue increased in other key markets during the quarter, including Europe, Mexico, Brazil and Colombia.
Excluding one-time items, net income grew 15% to $1.5 billion, or 75 cents per share. That beat Wall Street's expectation of a 65 cent profit.
AB InBev shares were up more than 4% in morning trading Wednesday on the New York Stock Exchange.
Dee-Ann Durbin is an AP business writer
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More