Anheuser-Busch InBev reported higher-than-expected revenue in the first quarter despite lower sales in the U.S. and China.
The world’s largest brewer — whose brands include Budweiser, Stella Artois and Corona — said its revenue rose 2.6% to $14.5 billion. That beat Wall Street’s forecast of $14.3 billion, according to analysts polled by FactSet.
Volumes declined 0.6% for the quarter, the Leuven, Belgium-based company said. Beer volumes were down 1.3%, while volumes of non-beer products – including Cutwater and Nutrl spirits – rose 3.5%.
The company continued to struggle in the U.S., where revenue fell by 9% for the January-March period. North American beer volumes dropped 10% for the quarter.
Sales of Bud Light, the company’s longtime bestseller in the U.S., plunged last spring amid conservative backlash after the brand sent a commemorative can to transgender influencer Dylan Mulvaney. Customers who felt Bud Light didn’t do enough to support Mulvaney also abandoned the brand.
Met Opera hosts 4 female conductors in landmark week
China's old industrial base makes headway on revitalization
Xi congratulates Pellegrini on election as president of Slovakia
NE China's Jilin seeks new growth drivers for rural development with ice
A cargo plane make an emergency landing at Istanbul Airport after front landing gear fails
Farmers work in fields across China
China hits out at regional 'small circles'
Kim Kardashian being booed by crowd at Tom Brady roast edited out of final Netflix cut
NE China's Jilin seeks new growth drivers for rural development with ice
Dozens still missing after Monday's South Africa building collapse. 7 confirmed dead
PLA Eastern Theater Command launches unprecedented live