A-B Q2 Depletions Down 3.1%, Shipments Down 5.1%

Dear Client: Anheuser-Busch InBev reported Q2 results this morning. In the U.S., depletions were down 3.1% in the quarter, slightly better than their Q1. For this, A-B blamed weak industry trends (-2.4%) and Easter and July 4 timing. Shipments were down more, 5.1% (last quarter that was down 4.4%). They expect depletions and shipments to converge for the full year.Revenues were down 3.1% in 2Q18 (and 2.8% at the halfyear), significantly more than Q1's -1.9% trend.But they still found a