Anheuser-Busch InBev tops estimates in last quarter where Bud Light boycott hits growth

By Steve Goldstein

Anheuser-Busch InBev reported stronger-than-forecast first-quarter profits in what was the final period where the consumer boycott of Bud Light will impact growth.

Anheuser-Busch InBev said its first-quarter profit slumped to $1.09 billion from $1.64 billion, while revenue rose 2.6% to $14.55 billion.

What it calls underlying earnings per share rose to 75 cents a share from 65 cents a share.

Analysts polled by Visible Alpha expected operating earnings of 62 cents a share on revenue of $14.4 billion.

The company's Brussels-listed shares (BE:ABI) (BUD) rose 5% in early action. They've gained 5% over the last 52 weeks.

Organic volume fell 0.6%, as a nearly 10% decline in North America was mostly offset by gains elsewhere, notably in Europe, Mexico and Colombia.

Sales in the U.S. have tumbled since transgender star Dylan Mulvaney made a social-media post about a personalized can of Bud Light, triggering anger as well as confusion from its customers.

In the U.S. in particular, EBITDA fell by 17.9% on a 9.1% decline in revenue.

Mulvaney's social-media post promoting Bud Light was made on April 1, 2023, meaning that the company's future performance will be compared to the period after the boycotts began.

-Steve Goldstein

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05-08-24 0344ET

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