A-B Underperforms the Industry with U.S. Depletions Down 1.7% in Q3

Dear Client: In its third quarter earnings release this morning, Anheuser-Busch InBev chief Michel Doukeris said right off the bat that they “continue to see strong consumer demand for our portfolio and a resilient beer category as we navigate the dynamic operating environment.” Indeed, the company turned in its “best quarterly volume performance” so far this year with total volumes up 3.7%, “resulting in an accelerated increase in revenue of 12.1%,” according to Michel. Revs per hectoliter were up a