AB InBev profit jumps as consumer absorb higher beer prices

BRUSSELS (Reuters) -Anheuser-Busch InBev, the world’s largest brewer, reported higher than expected first-quarter earnings on Thursday as consumers bought only slightly more of its beers but accepted sharply higher prices.

The Belgium-based company, which makes around a quarter of all beer drunk globally, said its results confirmed the resilience of the beer market in the face of economic challenges, notably inflation.

The maker of Budweiser, Stella Artois and Corona repeated its 2023 forecast that core profit (EBITDA) would grow in line with its medium term outlook of between 4% and 8%, with revenue to grow ahead of EBITDA.

In the first quarter, AB InBev sold only 0.4% more beer than a year ago, but core profit rose by 13.6% on a like-for-like basis to $4.76 billion, compared with the 5.6% average increase expected in a company-compiled poll.