A-B Gaining Momentum, With Q4 Depletions Up 0.5%

Dear Client: For the first time in a while, Anheuser-Busch posted positive U.S. depletions in a quarter.  It wasn’t by a lot, but the company’s Q4 2024 results this morning show U.S. depletions did in fact grow, up 0.5% in the frame. U.S. revenue also increased in the quarter, up 0.8%, as did revenue per hl, up 2.5%, thanks to “revenue management initiatives and premiumization.” Shipments, meanwhile, were down 1.7%. Of course, these mostly positive results come against easy comps,