Anheuser-Busch InBev NV’s profit was boosted by price increases in the US and Europe, which compensated for soaring expenses.
First-quarter earnings before interest and other items rose 7.4% on an adjusted basis, the company said Thursday. Analysts expected a 3.9% gain.
Heineken NV and Carlsberg A/S have also delivered sales growth ahead of analyst estimates, largely driven by price increases. So far, drinkers returning to bars in the US and Europe after lockdowns have been undeterred by having to pay more for their beers, as the higher prices aren’t yet having a meaningful impact on volume.
Revenue rose 11%, AB InBev said. That was composed of a 2.8% increase in volume and a 7.8% advance in pricing and mix.
The company maintained its forecast for full-year growth in adjusted earnings before interest, taxes, depreciation and amortisation of 4% to 8%. Analysts expect 5.9%. AB InBev expects even faster sales growth.
Leuven, Belgium-based AB InBev said last month that it expected a $1.1 billion hit from selling its stake in a Russian joint venture.
Heineken and Carlsberg, Russia’s largest brewer through its ownership of Baltika Breweries, are also seeking to exit their businesses there following the invasion of Ukraine.