Trending: AB InBev Profit Slumps on Lower US Volumes
August 03 2023 - 10:24AM
Dow Jones News
1354 GMT - Anheuser-Busch InBev is among the most mentioned
companies across news items over the past nine hours, according to
Factiva data, after the world's largest brewer reported a slump in
second quarter profit on lower U.S. volumes. The brewer reported a
net profit for the quarter of $339 million, down from $1.60 billion
for the comparable period a year earlier, and compared with a
FactSet consensus of $613.35 million. North American volumes fell
14.5% mainly due to lower Bud Light volumes after transgender
influencer Dylan Mulvaney posted an image on Instagram of a
personalized can AB InBev had gifted her. The post sparked a
boycott that caused sales of Bud Light, and other brands, to fall.
Citi analysts write that the earnings likely won't significantly
shift market consensus forecasts, so investors shouldn't get too
bearish with the stock, though it looks relatively well valued
compared to peers. Dow Jones & Co. owns Factiva.
(ian.walker@wsj.com.)
(END) Dow Jones Newswires
August 03, 2023 10:09 ET (14:09 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Anheuser Busch Inbev SA NV (NYSE:BUD)
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