By David McHugh, Business Writer
FRANKFURT, Germany (AP --Multinational beer and beverage company Anheuser-Busch InBev — maker of Budweiser, Bud Light, Stella Artois and Corona — reported on Thursday a 7% increase in operating profit for last year, even as as sales sagged in the United States due to a decline in demand for Bud Light.
The earnings news came hours after the company avoided a strike by 5,000 of its U.S. workers as negotiators reached agreement late Wednesday.
Normalized operating earnings, which exclude financial factors such as interest and taxes, rose 7% to $19.98 billion in 2023. That's the figure the company uses to demonstrate its underlying performance.
Full-year profit declined to $6.89 billion from $7.60 billion the year before. Total revenue rose 7.8% to $59.38 billion. The company's CEO Michel Doukeris cited "another year of consistent profitable growth" in which it reduced debt and saw its credit rating upgraded.
U.S. revenue declined 9.5% for the year and 17.3% in the fourth quarter, "primarily due to the volume decline of Bud Light," the company said in an earnings news release.
The Leuven, Belgium-based company is facing declining beer sales in the U.S., where drinkers are increasingly opting for spirits, hard seltzers and alcohol-free beverages. Bud Light, its best-selling brand there, faced a conservative backlash last year after it sent a commemorative can to transgender activist Dylan Mulvaney.
Transgender rights supporters also deserted the brand, saying it didn't do enough to support Mulvaney.
The company did better in Europe, where it increased revenue despite declining volumes and grew operating profit. Profits rose in China.
The company said it would increase its dividend to shareholders by 9% to 82 cents per share.
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