Budweiser Parent Anheuser-Busch InBev Slides On Mixed Q4 Performance

Anheuser-Busch InBev SA/NV BUD reported fourth-quarter FY22 organic sales growth of 10.2% year-on-year to $14.67 billion, missing the consensus of $15.37 billion.
On an organic basis, total volumes declined by 0.6%, with own beer volumes down by 0.9% and non-beer volumes up by 1.9%. Revenue per hl grew 11.2%.
The company reported a 6.6% increase in combined revenues of its global brands, Budweiser, Stella Artois, and Corona, outside of their respective home markets in 4Q22.
Gross profit expanded 5.4% organically to $8 billion, and gross margin contracted 249 basis points to 54.6%.
Normalized EBITDA for the quarter was $4.947 billion, with the margin contracting to 33.7%.
Underlying EPS of $0.86 beat the consensus of $0.70.
The company's board proposes full year 2022 dividend of €0.75 per share, subject to shareholder approval at the AGM on April 26, 2023.
Outlook: Anheuser-Busch InBev expects its EBITDA to grow in-line with its medium-term outlook of 4%-8% and revenue to grow ahead of EBITDA from a healthy combination of volume and price.
It sees FY23 net capital expenditure of $4.5 billion - $5 billion.
Price Action: BUD shares are trading lower by 2.27% at $58.88 in premarket on the last check Thursday.

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