Shares of Anheuser-Busch Inbev (BUD) rallied intraday Wednesday after the brewer reported surprise increases in fourth-quarter results despite volume weakness.

The Budweiser parent's revenue advanced to $14.84 billion for the three months ended Dec. 31 from $14.47 billion the year earlier and topped the $14.13 billion average analyst estimate on FactSet. Adjusted earnings per share rose to $0.88 from $0.82 and beat the Street's $0.69 view.

"Our business in the US is building momentum," Chief Executive Michel Doukeris said on a conference call, according to a FactSet transcript. "Our portfolio is reaching an inflection point, and we are increasing investments in our brands to fuel growth."

Total volume declined 1.9% in the fourth quarter and 1.4% in full-year 2024, both driven by the own beer category.

"Our overall volume performance in 2024 was ... constrained by the unusually soft consumer environment in both China and Argentina, which drove a total volume decline of 1.4%," Doukeris told analysts. "While the performance in these two markets this year does not reflect our full potential, we remain confident in the long-term growth opportunity and then investing to rebuild momentum."

Sales-to-retailers increased by 0.5% in the fourth quarter and is estimated to have outperformed the industry. That was driven by Michelob Ultra and Busch Light, Doukeris said. Shares of Anheuser-Busch jumped 9% in midday trade.

For 2025, the company expects earnings before interest, taxes, depreciation and amortization to grow in line with its medium-term outlook of between 4% and 8% on an organic basis, Chief Financial Officer Fernando Tennenbaum said on the call. In 2024, normalized EBITDA was up 8.2% to $20.96 billion.

"EBITDA has grown within or above our medium-term growth outlook in every quarter over the last three years, and we are confident in our ability to deliver in 2025," Doukeris said.

The first quarter will have a higher comparison base due to factors such as fewer selling days, the timing of Easter and shipment phasing comparables in the US and China, according to Tennenbaum.