Anheuser-Busch InBev (ticker: BUD) has announced a rise in revenue and maintained its full-year guidance, even though its U.S. sales have been affected by a boycott of Bud Light.
For the September quarter, AB InBev reported underlying earnings per share of 86 cents, with sales reaching $15.57 billion. According to a FactSet consensus, analysts had predicted underlying earnings of 84 cents a share on sales of $15.72 billion.
While revenue experienced a 5.0% increase compared to the same period last year, total volumes saw a decline of 3.4%.
In the U.S., revenue dropped by 14% due to a conservative boycott targeting Bud Light, as the brand has formed a marketing partnership with transgender influencer Dylan Mulvaney.
Despite these challenges, AB InBev stated that its total beer market share in the U.S. has remained stable from late April through the end of September.
Recently, the mixed-martial arts league UFC selected Bud Light as its official beer partner in the U.S. and globally.
AB InBev reaffirmed its previous guidance, stating that it anticipates its 2023 earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow within the range of 4% to 8%. Additionally, the company expects its revenue to outpace EBITDA growth.
To further strengthen its position, AB InBev plans to repurchase $1 billion in shares and up to $3 billion worth of its debt.