Anheuser-Busch InBev Slides To Loss In Q1 - Quick Facts

Anheuser-Busch InBev (AHBIF.PK,BUD) reported Thursday that its first-quarter loss attributable to equity holders was $2.25 billion or $1.13 per share, compared to restated net income of $3.57 billion or $1.80 per share in the previous-year quarter.

Normalized loss attributable to equity holders of the company was $845 million, compared to restated normalized profit of $2.40 billion last year.

Normalized loss per share was $0.42, compared to normalized earnings per share of $1.21 a year ago, negatively impacted by a lower profit and mark-to-market losses linked to the hedging of the company's share-based payment programs.

Underlying profit attributable to equity holders decreased to $1.02 billion or $0.51 per share from $1.45 billion or $0.73 per share last year.

Revenue for the quarter declined to $11.00 billion from a restated $12.22 billion in the year-ago quarter, materially impacted by lower volumes resulting from the COVID-19 pandemic. On an organic basis, revenue declined 5.8 percent in the quarter, while revenue per hl grew by 3.9 percent.

The company noted that the impact of COVID-19 on its global results increased significantly toward the end of the quarter. Consequently, the company's total volume in the quarter declined by 9.3 percent, and by 3.6 percent excluding China.

The company's own beer volumes were down 10.5 percent and non-beer volumes were down 0.2 percent.

Looking ahead, Anheuser-Busch InBev said it expects that the impact of COVID-19 on its second quarter results will be materially worse than in the first quarter.

The company noted that its April 2020 global volumes declined by approximately 32 percent, primarily driven by the closure of the on-premise channel in most markets and government restrictions imposed on certain operations of the company in connection with the COVID-19 pandemic.

In March, the company withdrew its outlook for fiscal 2020 due to the uncertainty associated with the pandemic.

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