A-B Volumes Ease in Q3 But Continue to Outpace Soft U.S. Market

Dear Client:  Anheuser-Busch InBev reported its third quarter earnings this morning, and while U.S. trends cooled a bit in the quarter, the supplier estimates it’s still outpacing the industry. U.S. depletions were down 2.5% and shipments were down 2.7% in Q3, both softer than last quarter (down 2.1% and up 0.2%, respectively), but still “estimated to have outperformed a soft industry,” per A-B. Revenue dipped 0.8% in Q3, even as revenue per hectoliter rose 2%, again on “revenue management and