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AB InBev 4Q Performance Beats Expectations; Sees 2022 Revenue Growth on Volume, Price

By Michael Susin


Anheuser-Busch InBev SA on Thursday said revenue rose in the fourth quarter, above market expectations, despite foreign-exchange and commodity headwinds.

The world's largest brewer--which also houses the Stella Artois and Budweiser brands among its portfolio--attributed its performance to "robust risk management and an efficient capital structure."

For the quarter, the Belgium-based company said revenue rose to $14.20 billion from $12.77 billion a year earlier, and compared with a consensus of $13.68 billion taken from FactSet and based on 11 analysts forecasts. Organic revenue growth was 12.1%, while organic volumes rose 3.6%. This compared with expectations for increases of 8.5% and 3.1%, respectively, according to a company-provided consensus.

The company said own-beer volumes rose 3.4% in the fourth quarter, led by an increase of 9.1% from Asia Pacific. Volumes in North America increased 1.7%, while those in South America fell 1.2%.

Normalized earnings before interest, taxes, depreciation and amortization rose 5% on an organic basis to $4.88 billion, it said. Consensus normalized Ebitda was $4.82 billion, taken from FactSet and based on seven analysts estimates.

Net profit for the quarter fell to $1.96 billion, compared with $2.27 billion a year earlier and a consensus of $1.74 billion, taken from FactSet and based on five analysts forecast.

The company said that it expects 2022 Ebitda to grow between 4% and 8%, in line with its medium-term outlook, and revenue to grow ahead of Ebitda, driven by a "healthy combination of volume and price."

The board has declared a dividend of 50 European cents, unchanged from the prior year.


Write to Michael Susin at


(END) Dow Jones Newswires

February 24, 2022 02:01 ET (07:01 GMT)

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