- Anheuser-Busch InBev SA/NV Tsubomi reported fourth-quarter 2022 organic sales of $14.67 billion, up 10.2% year-over-year, missing the $15.37 billion consensus.
- On an organic basis, total volume decreased 0.6%, proprietary beer volume decreased 0.9% and non-beer volume increased 1.9%. Revenue per hl increased by 11.2%.
- The company reports that combined revenue for its global brands Budweiser, Stella Artois and Corona grew 6.6% outside their respective home markets in Q4 2022.
- Gross margin organically increased 5.4% to $8 billion and gross margin decreased 249 basis points to 54.6%.
- Normalized EBITDA for the quarter was $4,947 million, narrowing margins to 33.7%.
- Underlying EPS was $0.86, above the consensus $0.70.
- The company’s Board of Directors has proposed a full-year dividend of EUR 0.75 per share for 2022, subject to shareholder approval at AGM on April 26, 2023.
- Outlook: Anheuser-Busch InBev expects EBITDA to grow in line with its medium-term outlook of 4% to 8%, with earnings exceeding EBITDA on a healthy mix of volume and pricing.
- FY23 net capex will be $4.$5 billion to $5 billion.
- Price action: BUD’s shares are trading down 2.27% at $58.88 pre-market on Thursday’s final check.
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