AB InBev reports higher

Anheuser-Busch InBev reported higher-than-expected revenue in the first quarter despite lower sales in the U.S. and China.

The world’s largest brewer — whose brands include Budweiser, Stella Artois and Corona — said its revenue rose 2.6% to $14.5 billion. That beat Wall Street’s forecast of $14.3 billion, according to analysts polled by FactSet.

Volumes declined 0.6% for the quarter, the Leuven, Belgium-based company said. Beer volumes were down 1.3%, while volumes of non-beer products – including Cutwater and Nutrl spirits – rose 3.5%.

The company continued to struggle in the U.S., where revenue fell by 9% for the January-March period. North American beer volumes dropped 10% for the quarter.

Sales of Bud Light, the company’s longtime bestseller in the U.S., plunged last spring amid conservative backlash after the brand sent a commemorative can to transgender influencer Dylan Mulvaney. Customers who felt Bud Light didn’t do enough to support Mulvaney also abandoned the brand.

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