Budweiser Parent Anheuser-Busch InBev Posts Q3 Revenue Below Street View

Budweiser Parent Anheuser-Busch InBev Posts Q3 Revenue Below Street View
  • Anheuser-Busch InBev SA (NYSE: BUD) reported third-quarter FY22 sales growth of 12.1% year-on-year to $15.09 billion, missing the consensus of $15.16 billion.
  • Total volumes grew by 3.7%, with own beer volumes up by 3.4% and non-beer volumes up by 5.2%. Revenue per hl grew 8%.
  • The company reported a 12.7% increase in combined revenues of its global brands, Budweiser, Stella Artois, and Corona, outside of their respective home markets in 3Q22.
  • Gross profit expanded 6.2% organically to $8.2 billion, and gross margin contracted 300 basis points to 54.5%.
  • Normalized EBITDA for the quarter was $5.3 billion, with the margin contracting to 35.2%.
  • It reported an Underlying EPS of $0.84 and Normalized EPS of $0.81.
  • Outlook: Anheuser-Busch InBev expects its FY22 EBITDA to grow 6%-8% and revenue to grow ahead of EBITDA from a healthy combination of volume and price.
  • Net pension interest expenses and accretion expenses are expected to be $170 million - $200 million.
  • It sees FY22 capital expenditure of $4.5 billion - $5 billion.
  • Price Action: BUD shares are trading higher by 6.25% at $50.17 in premarket on the last check Thursday.

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