Brewer AB InBev beats second-quarter profit forecasts, but volumes drag
The world's top brewer by volumes said its organic operating profit in the three months to end-June rose 6.5%, ahead of analyst expectations of a 5.7% rise, thanks to a 3% revenue growth and cost management that expanded margins.
The maker of Corona and Stella Artois has outperformed on profits, cheering investors. But it and other top brewers have struggled to get volumes growing.
For AB InBev, these fell 1.9% organically in the second quarter, well behind expectations for a 0.3% decline.
The company said it underperformed a soft industry in Brazil, one of its key markets, where bad weather hurt beer sales.
In China, where AB InBev has been struggling to keep pace with fast growth enjoyed by rivals like Heineken, it saw a 7.4% decline in volumes.
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