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May 6, 2021, 1:29 a.m. EDT

AB InBev swings to profit as sales beat forecasts

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By Adria Calatayud

Anheuser-Busch InBev SA said Thursday that it swung to a first-quarter net profit as sales grew and beat expectations, and that a combination of volume and price will drive revenue growth this year.

The world's largest brewer--with brands such as Budweiser, Stella Artois and Corona--said sales grew 17% in the first quarter on an organic basis, while total organic volume growth was 13%.

Analysts had expected AB InBev to report first-quarter organic growth in sales and volumes of 8.7% and 7.3%, respectively, according to consensus estimates compiled by the company.

AB InBev made a profit for the quarter of $595 million compared with a loss of $2.25 billion for the same period last year.

Revenue was $12.29 billion compared with $11.00 billion a year before.

The company said it expects normalized earnings before interest, taxes, depreciation and amortization to grow between 8% and 12% this year, and revenue to grow ahead of Ebitda from a combination of volume and price. The company had previously said it expected its top and bottom-line results in 2021 to improve meaningfully compared with 2020.

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