HUSA Q3 Depletions, Net Revs Down as Distribs Reduced Inventories; Softer Beer Market?

Dear Client: Heineken's Q3 update revealed volume growth in the Americas for Q3 – but not in the U.S.  Globally, the company saw organic beer volumes down 4.2% for the quarter and down 5.1% year to date, though revenue was up 2% for the quarter, and up 4.7% YTD. Americas trends outperformed: there, the company's beer volumes were up 2.2%, led by Mexico and Brazil.   But again, the U.S. was an outlier for the Americas trends. In fact, depletions were