AB InBev shares slide on concern over sales volumes
The world's largest brewer by sales said volumes fell 1.9% in the three months to end-June, versus analyst expectations for a 0.3% decline. Rival Heineken (HEIN.AS), opens new tab also sounded cautious about volumes on Monday, citing tariff uncertainties.
At 0745 GMT, AB Inbev shares were down 8.4% at 53.26 euros.
The maker of Corona and Stella Artois beers did report revenue and profit growth, however, with the latter ahead of forecasts at 6.5%.
The company said its performance showed the resilience of its strategy in what CEO Michel Doukeris described as a "dynamic" operating environment.
AB InBev has in recent quarters consistently outperformed expectations on profits and increased revenues by getting drinkers to pay more for its beers. But it, and other top brewers, have struggled to get volumes growing.
Heineken said that U.S. tariff threats had hit consumer confidence and dented beer sales both in the U.S. and elsewhere in the Americas - key regions for AB InBev.
But AB InBev did not mention trade tensions in its statement, putting soft industry sales in markets like Mexico down to poor weather.
Heineken warned its volumes could be softer for the remainder of the year, helping send its shares over 8% lower.
Some investors may also have been expecting a share buyback from AB InBev, even though the brewer has historically announced these in the third quarter, analysts said.
A 9% volume decline in Brazil, one of AB InBev's largest markets where it said it underperformed the industry, was the biggest drag on overall volumes. The brewer also cited bad weather there.
In China, where AB InBev has been struggling to keep pace with growth at rivals, its volumes fell 7.4%.
Despite the volume miss and share reaction, RBC Capital Markets analyst James Edwardes Jones said the results were "not terrible".
He and others flagged bright spots, including a better-than-expected performance in North America.
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