AB InBev raises forecast after Brazil fuels surprise profit rise By Reuters

© Reuters. FILE PHOTO: The Anheuser-Busch InBev logo is pictured outside the brewer’s headquarters in Leuven, Belgium, February 28, 2019. REUTERS / François Lenoir

By Philippe Blenkinsop

BRUSSELS (Reuters) -Anheuser-Busch InBev, the world’s largest brewer, revised its 2021 profit growth forecast on Thursday after recording a surprise third-quarter profit increase, driven by beer sales in Brazil.

The maker of Budweiser, Corona and Stella Artois said it now expects basic profit or EBITDA (earnings before interest, taxes, depreciation and amortization) to increase between 10% and 12% in 2021, against an 8% to 12% growth forecast earlier.

The Belgium-based brewer said its basic profit rose 3.0% on a comparable basis in the July-September period, compared to an expected 2.3% drop, according to a survey by the company .

AB InBev said its sales rose 15.3% in Brazil as consumers drank more and bought more expensive beers.

Income and profits also increased in Colombia and South Africa, reflecting the easing of restrictions related to COVID-19, and in Europe as vaccination rates increased.

However, they have declined in the United States, where there have been supply chain disruptions, in Mexico, a year after restocking after the lockdown, and in China, where COVID-19 restrictions have hit. disproportionately its key regions.

AB InBev’s results follow mixed results reported by rivals on Wednesday.

Carlsberg (OTC :), the world’s third-largest brewer, also raised its profit forecast for 2021 after higher-than-expected third-quarter revenues, helped by the recovery in Europe and China.

In contrast, world number two Heineken (OTC 🙂 reported a larger-than-expected decline in third-quarter beer sales, hit by a lockdown in Vietnam, while maintaining its forecast for annual results below pre-market levels. pandemic.

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