A-B Shipments Fall By 4.4% in First Quarter, Depletions Down 3.3%

Dear Client:Anheuser-Busch InBev reported first quarter earnings early this morning, and as usual BBD wakes up with the crickets to bring it to you.U.S. RESULTS. In the U.S., A-B's depletions (STRs) were down 3.3% in the quarter, compared to MillerCoors Q1 depletions down 4%. Industry depletions were down 2.3%, suggesting A-B lost a half share point of market share (it's like Groundhog Day). Their shipments were down 4.4%, suggesting lower distributor inventories going into the second quarter. Like Molson Coors,