Belgian brewer Anheuser-Busch InBev (AHBIF.PK,BUD) reported Thursday that its first-quarter profit attributable to equity holders was $595 million or $0.30 per share, compared to last year’s loss of $2.25 billion or $1.13 per share.
Normalized profit was $1.01 billion or $0.51 per share, compared to loss of $845 million or $0.42 per share a year ago.
Underlying attributable profit was $1.10 billion or $0.55 per share, compared to $1.02 billion or $0.51 per share a year earlier.
Normalized EBITDA increased 14.2 percent from last year to $4.27 billion, while normalized EBITDA margin fell 91 basis points to 34.7 percent.
Revenue climbed 17.2 percent to $12.29 billion from last year’s $11 billion. Revenue per hl grew 3.7 percent, driven by ongoing premiumization and revenue management initiatives.
Total volumes grew 13.3 percent, with own beer up by 14.9 percent and non-beer up by 4.0 percent.
Beer volumes were up 2.8 percent from 2019 with healthy revenue per hl growth.
Looking ahead for fiscal 2021, the company expects normalized EBITDA to grow between 8-12 percent and revenue to grow ahead of EBITDA from a healthy combination of volume and price.
Separately, Anheuser-Busch InBev announced that its Board of Directors has unanimously elected Michel Doukeris, President of AB InBev’s North America Zone, to succeed Carlos Brito as Chief Executive Officer effective July 1.
Brito will step down after 15 years as CEO and 32 years at the company.
In Belgium, Anheuser-Busch shares were trading at 60.88 euros, up 3.73 percent.
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