A-B Depletions Down 2.6% in Q4

Dear Client:Anheuser-Busch InBev reported fourth quarter and full year results this morning. U.S. depletions were down 3% in the full year, and down 2.6% in Q4 on a selling-day adjusted basis. While shipments were down 3.5% in 2017, and declined 1.5% in the final quarter. A-B noted that their shipments "caught-up in the fourth quarter from last quarter's disruption caused by major hurricanes." Indeed, recall that shipments fell 6.4% in Q3 for the brewer.REVENUE UP 0.5% IN Q4. As shipments