New $1 billion stock buyback announced
The Bud Light controversy continued to weigh on Anheuser-Busch InBev, which nonetheless managed a small improvement in third-quarter profit on cost control as well as revenue growth in 80% of its worldwide markets.
Anheuser-Busch InBev said Tuesday that third-quarter net profit rose to $1.47 billion from $1.43 billion, with revenue up to $15.57 billion from $15.09 billion. Its underlying earnings per share rose to 86 cents from 84 cents.In the U.S., operating profit crumbled by 29.3% on a 13.
Sales in the U.S. have tumbled since transgender star Dylan Mulvaney made a social-media post about a personalized can of Bud Light, triggering anger as well as confusion from its customers. But the company insisted things weren’t getting worse: it highlighted that total beer market share in the U.S. has remained stable since the end of April.The company announced a $1 billion stock buyback as well as a $3 billion debt buyback, as it reiterated guidance for the year.
AB InBev shares ABI, +2.87% BUD, +2.27% rose 4% in early Brussels trade. The stock is still down 15% since the end of March. “The absence of incremental bad news and some buyback support is reassuring but the increased reliance on Argentina to drive top-line and on-going FX headwinds may temper the share price reaction today,” said analysts at Citi led by Simon Hales.
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