AB InBev profit up on Budweiser, Corona growth
Anheuser-Busch InBev SA (ABI.BT) said Thursday that net profit for the second quarter of the year rose 29% as its global brands Budweiser, Corona and Stella Artois saw revenue growth accelerate.
The drinks maker said that profit for the three months ended June 30 rose to $1.94 billion, from $1.50 billion in the year earlier period.
Company revenue fell 1.2% to $14.01 billion and adjusted earnings before interest, taxes, depreciation and amortization–the company’s preferred profit measure, which excludes exceptional and other one-off items–rose 4% to $5.57 billion.
AB InBev said that its U.S. revenue in the second quarter fell 3.1%, driven by a 5.1% fall in sales to wholesalers as the company tries to improve its logistics.
The company said that its global Budweiser, Corona and Stella Artois brands saw combined revenue growth of 10.1% globally, partially aided by the soccer World Cup.
AB InBev, which acquired SABMiller in 2016 in one of the world’s largest ever corporate deals, said that the combination contributed synergies and cost savings worth $199 million in the second quarter.
Dow Jones Newswires
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