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
