Anheuser-Busch InBev, the world's largest brewer, upgraded its forecast for 2021 earnings growth today after posting a surprise increase in third-quarter profit, buoyed by beer sales in Brazil.
The maker of Budweiser, Corona and Stella Artois said it now expects core profit or EBITDA (earnings before interest, tax, depreciation and amortisation) to grow between 10% and 12% in 2021.
This compared with an 8%-12% growth forecast earlier.
The Belgium-based brewer said core profit rose 3% on a like-for-like basis in the three months from July to September compared to an expected 2.3% drop, according to a company-compiled poll.
AB InBev said its revenue grew 15.3% in Brazil as consumers drank more and purchased higher-priced beers.
Revenue and profits were also higher in Colombia and South Africa, reflecting easing of Covid-19 restrictions, and in Europe as vaccination rates increased.
However, they declined in the US, where there were supply chain disruptions, in Mexico, a year on from post-lockdown inventory replenishment, and in China, where Covid-19 restrictions disproportionately hit its key regions.
AB InBev's results follow mixed earnings reported by its rivals earlier this week.
Carlsberg, the world's third biggest brewer, also raised its 2021 profit forecast after higher-than-expected third-quarter revenue, helped by recovery in Europe and China.
By contrast, global number two Heineken reported a steeper than expected drop in beer sales in the third quarter, hit by a lockdown in Vietnam, while retaining its forecast for full-year results at below pre-pandemic levels.
