A-B “Outperformed” a “Soft” U.S. Industry in Q2 With 2.1% Drop in Depletions

Dear Client:  Anheuser-Busch InBev reported its second quarter earnings this morning, and in the U.S. the numbers don’t look too bad. A-B recorded a 2.1% decline in U.S. depletions, which “outperformed a soft industry,” per company. Shipments grew ever so slightly, up 0.2%. Revenue was also up, +2.1% in the quarter with revenue per hl increasing by 1.8%, “driven by revenue management initiatives and premiumization.” And EBITDA increased 4.2% in the quarter “driven by top-line growth and productivity initiatives, even