AB InBev beat analysts' estimates as the world's largest brewer earned more profit than expected in the fourth quarter
China, hit by COVID, set for rebound, the world's largest brewer, expressed confidence in China's recovery and the willingness of drinkers to pay higher prices after reporting increased profit in the fourth quarter despite lower beer sales.
The maker of Budweiser, Corona and Stella Artois on Thursday registered record drinks volumes for the year, but they fell by 0.6% in the final quarter of 2022, compared with a rise expected by the market. AB InBev's sales and earnings declined in China due to a strict zero COVID policy that was suddenly dropped in December., said the restaurants and night life venues it supplies in China had almost fully re-opened by the end of February. It said it was optimistic for a recovery in 2023 after a transitional first quarter.
In the United States, AB InBev's largest market, profit and revenue increased, largely because of price increases, although those same increases, along with harsh winter weather in December, cut into beer sales in volume terms.
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