Brazil's Ambev organic net profit grows in Q3 despite volume dip (updated)

Ambev SA

31/10/2023 08:14

(Recasts lead, adds details from paragraph 2, to 7)
       Oct 31 (Reuters) - 
     Brazilian brewer Ambev SA  ABEV3.SA  on Tuesday reported a
19.3% jump in net profit on an organic basis, despite a dip in
volumes compared with the previous year.
    The Sao Paulo-based company benefited from favorable
exchange rates and lower prices for commodities, particularly
aluminum, which helped reduce costs, the company said.
        However, total net revenue for the third quarter came in
at 20.32 billion reais ($4.03 billion), falling short of
analysts' expectations of net revenue of 21.220 billion reais,
based on  Refinitiv data.
    Volumes dipped internationally, while there was a
significant sales increase of 13.6% in Central America and the
Caribbean, this was overshadowed by sales decreases of 9.4% in
South Latin America and 13.1% in Canada.
        In Brazil, momentum continued in the quarter, led by
Brazil Beer. The company said "premium beer brands led by
Corona, Spaten, Stella Artois and Original grew by low teens,
outperforming the industry". 
  
        The subsidiary of Belgium's Anheuser-Busch InBev
 ABI.BR  reported a profit of 4.02 billion reais, versus the
3.45 billion reais average estimate of analysts polled by LSEG.
  

($1 = 5.0479 reais)

 (Reporting by Natalia Siniawski, Editing by Louise Heavens)
 ((natalia.siniawski@thomsonreuters.com;))