Anheuser-Busch Q1 Depletions up 0.3% Amid an Improved Category

Dear Client: Anheuser-Busch InBev reported its first quarter results this morning, and U.S. performance did not look too shabby, with depletions, revenue and EBITDA all turning positive. DEPLETIONS UP A HAIR. Indeed, U.S. depletions increased 0.3% in Q1, which A-B estimates “outperformed an improved industry,” while also marking a notable sequential improvement from Q4, when depletions were down 3.5%. (Year ago Q1 depletions were down 5.4%.)  Note, on that "improved industry" referenced above, A-B shared that U.S. beer category trends