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Dear Client: The U.S. market was once again a focal point in Anheuser-Busch InBev’s earnings call yesterday, both in prepared remarks and throughout Q&A. Analysts repeatedly highlighted what one called the “terrific” turnaround underway, pressing chief Michel Doukeris on what’s driving the improvement, whether the playbook is replicable elsewhere, and how much bigger its red-hot beyond beer biz can get from here. The attention is notable for a business that, at a 30,000-foot view, didn’t exactly set the world on
A-B Volumes Down in Q4, But Share Gains Continue
Dear Client: Anheuser-Busch InBev reported its fourth quarter and full year results this morning, and U.S. trends, while down, outperformed the broader industry once again, per company. Indeed, U.S. depletions were down 3.5% and shipments down 3.9% in Q4, both softer than last quarter (down 2.5% and -2.7%, respectively), but still “estimated to have outperformed a soft industry,” per A-B. Revenue also decelerated sequentially, down 1.4% in Q4, even as revenue per hectoliter picked up, +2.6%, thanks again to “revenue
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