A-B Q3 Pulls Out Pre-Mulvaney Trends

Dear Client:  A-B's Q3 showing was better than recent quarters, with shipments down only 0.2% ("supported by one additional selling day in the quarter") and depletions down 3% on a selling-day adjusted basis, which A-B estimates outperformed the industry.  Indeed, this showing gets them back to the kinds of trends they saw in Q1 '23, before the Mulvaney incident, when STWs were -1.6% and STRs -3% [see BBD 08-01-2014]. *For most recent comps see below.   They even grew Q3 U.S.