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Anheuser-Busch InBev increased third-quarter core profit by more than expected as price rises and cost cuts offset lower beer consumption, and forecast similar expansion in the last three months of the year.
The world's largest brewer and maker of Budweiser, Stella Artois and Beck's said on Thursday it expected some year-on-year volume improvement in the October-December period, but higher
investment for sales and marketing and administrative costs.
The company forecast its much-watched core profit or EBITDA (earnings before interest, tax, depreciation and amortisation) would show similar year-on-year gains in the fourth quarter as
in the third.
That figure rose in the July-September period to $3.55 billion, a like-for-like increase of 11.9 percent, against the average $3.52 billion forecast in a Reuters poll of 16 analysts.
The company suffered a 3.2 percent decline in volumes, falling in all regions except Brazil. Tight cost control, including an extra $265 million of synergy gains from the Anheuser-Busch takeover, led to improved margins.
InBev bought its U.S. rival for $52 billion last year and has targeted $2.25 billion in synergy savings in three years. It said on Thursday it remained on track to reach $1 billion this year, having hit $875 million in the year to date.
World number two SABMiller reported a 1 percent decline in volumes for its half year to the end of September.
Number three Heineken's volumes were down 4.7 percent on a like-for-like basis in the third quarter, while fourth-largest brewer Carlsberg's were off 5 percent.
All have benefitted from price increases and cost control. A year ago, shares of the new AB InBev sank to a five-year low of 9.96 euros as it launched a $9.8 billion rights issue and investors expressed concern over its heavy debt.
The company has since raised a potential $9.4 billion from asset sales, has issued nearly $20 billion in bonds and its shares have more than tripled.
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Data is a real-time snapshot *Data is delayed at least 15 minutes