LEUVEN (dpa-AFX) – The world’s largest beer brewer AB Inbev has toned down expectations for 2019 due to high raw material costs and the strength of the dollar. The brewer of well-known brands like Beck’s, Budweiser, Corona and Stella Artois now expects only a moderate increase in earnings before interest, taxes and depreciation (Ebitda).
The profit target capped on the stock market caused a sharp decline. The EuroStoxx 50 heavy truck stock lost ten percent of its value in the first few minutes. This reduced the company’s market value to 150 billion euros. Despite the double-digit loss after the quarterly figures, the share is still almost 30% up over the year.
Contrary to operating income, AB Inbev maintained its strong growth forecast despite a weak third quarter. In the third quarter, sales did not grow as strongly as in the first six months. One of the reasons was weak sales in China and the United States, the two countries that crippled the global economy with their trade war.
The group achieved sales of $ 13.2 billion (around € 11.9 billion) – growth adjusted for special effects such as acquisitions and sales and the consequences of the strong dollar was 2.7% in the third quarter. Adjusted EBITDA decreased slightly to $ 5.3 billion. Experts expected higher sales and better results.
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