Anheuser-Busch Companies (NYSE: BUD), the manufacturer of popular beer brand Budweiser, Tuesday reported an increase in first-quarter earnings, supported by strong sales in key markets like Brazil and China.
Earnings of the Belgium-based beverages company, excluding special items, climbed to $1.27 per share in the March-quarter from $0.73 per share a year earlier. Unadjusted net profit attributable to stockholders was $3.57 billion or $1.80 per share, up from $1.02 billion or $0.52 per share reported in the first quarter of 2018.
Reported revenues declined 4% year-over-year to $12.6 billion during the three-month period. The top-line was broadly in line with analysts’ forecast. Meanwhile, there was a 5.9% organic revenue growth, reflecting the strong sales performance in key markets including Brazil, China, the US, Europe, Colombia, and Nigeria.
There was a 5.9% organic revenue growth, reflecting the strong sales performance in key markets including Brazil, China, the US, Europe, Colombia, and Nigeria
Looking ahead, the company expects to deliver strong revenue and EBITDA growth in fiscal 2019, supported by improved brand performance and commercial plans. Cost of sales per hl is expected to increase by mid-single digits, with cost management initiatives offsetting the currency and commodity headwinds.
Average gross debt coupon is expected to be between 3.75-4% in fiscal 2019, while the normalized effective tax rate is forecast to be in the range of 25% to 27%. The estimate for net capital expenditure is $4- 4.5 billion. Dividends are expected to grow over time, although growth in the short term is expected to be modest due to deleveraging commitments.
The company’s shares dropped about 1.5% early Tuesday, after closing the previous session lower. The stock has gained 33% since the beginning of the year.
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