Brazil's beer lovers give brewer a boost
By Philip Blenkinsop |
May 6, 2010, Thursday
|
Print Edition
Print Edition
WORLD No. 1 brewer Anheuser-Busch InBev earned more than expected in the first three months of 2010 as beer sales grew in Brazil, but said World Cup marketing costs would hit second-quarter profits.
The brewer of Budweiser, Stella Artois and Beck's said yesterday that core profit rose a like-for-like 5.1 percent in January-March to US$3.09 billion, beating a forecast of US$2.98 billion.
AB InBev had previously forecast a low, single-digit percentage rise due to a United States market hit by bad weather, a tripling of beer tax in Russia, and higher emerging market commodity prices.
Overall, the company sold 0.8 percent more barrels, cans and bottles, with a 15.9 percent surge in Brazil, where it has two-thirds of the market, partly offset by a 6.8 percent fall in the US, where it accounts for half of all beer sales.
The company's shares opened down, but surged to a three-week high by late morning when they were up 3.5 percent at 37.35 euros (US$48), making them the second-strongest in the FTSEurofirst 300 index of Europe's leading stocks.
Analysts said the initial weakness was due to concern about non-recurring items, which left net profit lower than expected, but a bullish mood about sales in Brazil, where it brews Brahma and Skol, eventually prevailed.
AB InBev said profits in the second quarter would be lower, largely due to marketing for the football World Cup in June, for which Budweiser is the official beer.
The brewer of Budweiser, Stella Artois and Beck's said yesterday that core profit rose a like-for-like 5.1 percent in January-March to US$3.09 billion, beating a forecast of US$2.98 billion.
AB InBev had previously forecast a low, single-digit percentage rise due to a United States market hit by bad weather, a tripling of beer tax in Russia, and higher emerging market commodity prices.
Overall, the company sold 0.8 percent more barrels, cans and bottles, with a 15.9 percent surge in Brazil, where it has two-thirds of the market, partly offset by a 6.8 percent fall in the US, where it accounts for half of all beer sales.
The company's shares opened down, but surged to a three-week high by late morning when they were up 3.5 percent at 37.35 euros (US$48), making them the second-strongest in the FTSEurofirst 300 index of Europe's leading stocks.
Analysts said the initial weakness was due to concern about non-recurring items, which left net profit lower than expected, but a bullish mood about sales in Brazil, where it brews Brahma and Skol, eventually prevailed.
AB InBev said profits in the second quarter would be lower, largely due to marketing for the football World Cup in June, for which Budweiser is the official beer.
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