Trending: AB InBev Backs Guidance Despite Further Bud Light Woes in US

1020 GMT - Anheuser-Busch InBev is among the most mentioned companies across news items over the past three hours, according to Factiva data. The world's largest brewer--which houses Stella Artois and Budweiser among its portfolio--backed guidance Tuesday, though third-quarter earnings missed market forecasts as volumes fell, with falls in North America offsetting rises in other areas. The company's overall volumes fell 3.4% on an organic basis, missing expectations of a 2.7% fall, with those in North America volumes falling 17.1%. This continues a trend of falling sales in the region since April, when Dylan Mulvaney--a transgender social-media star--made an Instagram post about a personalized can of Bud Light the brewer sent her as a gift, sparking a boycott. Net profit rose to $1.47 billion from $1.43 billion a year earlier but missed a FactSet consensus of $1.85 billion. Revenue rose to $15.57 billion. "The absence of incremental bad news and some buyback support is reassuring but the increased reliance on Argentina to drive top-line [organic sales growth] and on-going FX headwinds may temper the share price reaction today," Citi analysts say in a research note. Shares rise 3.6% at EUR52.68. Dow Jones & Co. owns Factiva. ([e-mail])

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October 31, 2023 06:35 ET (10:35 GMT)

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