AB InBev Lost $170 Million Profit From Coronavirus in First Two Months of 2020
February 27 2020 - 01:57AM
Dow Jones News
By Ian Walker
The world's biggest brewer, Anheuser-Busch InBev SA said
Thursday that it lost $170 million in profits during the first two
months of 2020 because of the coronavirus epidemic as it reported a
fall in net profit.
The company--which houses Budweiser, Stella Artois and Corona
among its brands--said it estimates the loss of revenue in the
period is $285 million due to the Covid-19 epidemic and that it
continues to monitor developments.
The company made a net profit for the quarter ended Dec. 31,
2019 of $114 million compared with $456 million for the comparable
period last year.
Revenue for the quarter fell to $13.33 billion compared with
$13.79 billion for the comparable period in 2018 and forecasts of
$13.67 billion, taken from FactSet and based on 10 analysts'
estimates.
Normalized earnings before interest, taxes, depreciation and
amortization--one of the company's preferred metrics which strips
out exceptional and other one-off items--was $5.34 billion,
compared with $6.02 billion and a forecast of $5.69 billion, taken
from FactSet and based on seven analysts' forecasts.
The company said total beer volume rose 1.6% to 142 million
hectoliters. In North America total beer volumes rose 2.8%, it
said.
The board has kept the final dividend at EUR1 a share, taking
the total payout for the year to EUR1.80 .
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
February 27, 2020 01:42 ET (06:42 GMT)
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