LONDON (Reuters) – Brewer Anhueser-Busch InBev reported second-quarter operating profit that beat expectations on Thursday as cost discipline measures paid off.
At 8:30 GMT on the Brussels Stock Exchange, the share price was up 1.97%, thus reaching the top of the Bel20, which was down slightly by 0.09%.
The world’s largest brewer by volume reported a 10.2% rise in second-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), above analysts’ forecasts for 8.3% growth.
Investors are viewing this period as a return to normal for the maker of Budweiser and Stella Artois after rising input costs in the wake of the Covid pandemic. AB InBev has also been hit by a prolonged boycott of its flagship Bud Light brand in the United States, the impact of which now appears to be fading.
“We are encouraged by our performance in the first half and remain focused on the consistent execution of our strategy,” said Michel Doukeris, the company’s chief executive officer.
Although revenue and volumes missed expectations, analysts said AB InBev had delivered solid performance compared with generally weak results from peers such as Heineken.
Shares of Heineken, the world’s second-largest brewer, fell more than 9% on Monday after the company said a planned sales increase had not materialized.
Analysts at JP Morgan called AB InBev’s performance “reassuring” after Heineken’s difficult half-year.
AB InBev also maintained its forecasts for the full year.
(Written by Emma Rumney, Pauline Foret, edited by Kate Entringer)
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