A-B Depletions Underperform the Industry in Q2; Mich Ultra and Spirits RTDs are Bright Spots

Dear Client: Anheuser-Busch InBev turned in another set of strong results in its second quarter earnings this morning, as the company reported double-digit revenue growth (+11.3%), volume gains (+3.4%), revenue per hl growth of 7.5% and an EBITDA increase of 7.2%. IN THE U.S., A-B also reported another quarter of revenue growth (+2.7%) with revenue per hl growing by 5.5% “driven by revenue management initiatives and continued premiumization.”  However, second quarter shipments and depletions both declined in the U.S., down