AB InBev Makes $1.55B In Q3, Revenue Down 10 Pct
BRUSSELS (AP) ¿ The world's largest brewer, Anheuser-Busch InBev SA, made $1.55 billion net profit in the third quarter as cost savings from last year's merger of Anheuser-Busch and InBev ran ahead of plan.
But revenue fell 10 percent as the recession led to people drinking less beer.
The maker of Budweiser, Stella Artois and Beck's did not give a figure for year-ago profit, saying Thursday it could not compare numbers from Anheuser Busch and InBev before they combined. In the July-September period in 2008, InBev made $690 million and AB $666.1 million.The combined company, headquartered in Leuven, Belgium, sold 3.1 percent less beer in the three months ended Sept. 30, hit by weak worldwide markets as the economic downturn held back spending. Revenue for the quarter was $9.76 billion, down from combined revenue from Anheuser and InBev of $10.89 billion before last November's takeover. AB InBev's chief financial officer Felipe Dutra said he could not forecast when volumes would turn around. In real terms, the company expects demand to remain soft in the fourth quarter, predicting only an apparent improvement compared to a year ago because sales in 3Q 2008 were much stronger than 4Q 2008.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV