Ambev Profit Rose on Lower Aluminum Cost
By Jeffrey T. Lewis
SÃO PAULO--Ambev's profit rose in the third quarter, boosted by lower commodities costs, especially for aluminum.
The São Paulo-based brewer posted net income of 4.0 billion reais, equivalent to $793 million, from BRL3.2 billion a year earlier. Earnings per share reached BRL0.25 from BRL0.20 a year earlier.
Net revenue reached BRL20.3 billion from BRL20.6 billion a year earlier. The figure for EPS beat market expectations, while net sales underperformed. The consensus compiled by FactSet was for EPS of BRL0.22 and for net sales of BRL21.4 billion.
The volume of sales fell to 45.3 million hectoliters from 46.4 million a year earlier. The company's cost of goods sold at its Brazil Beer business, which accounts for close to half its sales, declined 1.3% in the third quarter from a year earlier, helped by lower prices for aluminum.
Ambev is controlled by Anheuser-Busch InBev SA, the world's biggest beer producer, and brews and markets brands including Budweiser, Brahma and Corona. Brazil is Ambev's biggest market, but the company also operates in other countries in the Americas including Canada, Argentina and Chile.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
October 31, 2023 07:30 ET (11:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?