Anheuser-Busch InBev volumes rose just 1%, and the stock market is delighted.

By Steve Goldstein

Anheuser-Busch InBev, whose brands include Budweiser, Bud Light, Corona and Michelob Ultra, reported a surprise first-quarter rise in volume.

Anheuser-Busch InBev shares surged on Tuesday as the brewer of Budweiser, Corona and Michelob reported volume growth of 0.8% in the first quarter.

That growth actually got ahead of analyst estimates for a slight decrease and was the first increase in three years.

Anheuser-Busch InBev (BUD) (BE:ABI) shares rose 7% in premarket trade, building on a 15% gain this year.

"Cheers to beer - the strength of the category and the consistent execution of our consumer-centric strategy drove continued momentum across our footprint," said CEO Michel Doukeris in a statement.

The Belgian-headquartered company reported a 21% increase in underlying earnings per share, to 97 cents, on 12% revenue growth to $15.27 billion. Analysts had expected underlying EPS of 89 cents, according to a company-compiled forecast.

It is seeing growth of 17% in what it calls its "balanced portfolio" of low-carb, low-calorie, sugar-free, gluten-free and no-alcohol beer brands. Similarly, its "beyond beer" portfolio of ready-to-drink beverages like Cutwater saw sales growth of 37%.

It gave a typically vague outlook for the year, expecting earnings before interest, tax, depreciation and amortization to grow in line with its medium-term outlook of between 4% and 8%.

Analysts at Bank of America said the company is well positioned, given its high emerging-markets exposure, strong route to market, pricing power and cash generation.

-Steve Goldstein

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05-05-26 0747ET