A-B Depletions Drop 5% in Q1, Covid Resurgence in January had an “Impact”

Dear Client: Anheuser-Busch InBev reported strong first quarter results for its global business this morning, highlighting double-digit gains in revenue (+11.1%) through a combination of volume growth (+2.8%) and revenue per hl growth (7.8%), while also delivering EBITDA growth of 7.4%. Turning to U.S. results, A-B did notch revenue growth in the first quarter, up 2.1%, as well as revenue per hl growth (+6.2%) thanks to “revenue management initiatives and continued premiumization.” EBITDA was flat, however. And Q1 shipments and