By Michael Susin

Brewing giant Anheuser-Busch InBev is scheduled to report results for the fourth quarter on Wednesday. Here is what to know.

REVENUE FORECAST: The world's largest brewer--which houses Stella Artois and Budweiser among its portfolio--is expected to report revenue growth of 2.4% for both the fourth quarter and 2024 as a whole, according to a company-compiled consensus.

SALES VOLUME FORECAST: AB InBev's sales volume is forecast to have fallen by 1.3% in both the fourth quarter and full year, according to the same company-compiled market consensus. This would be the seventh consecutive quarter of falling volumes.

EBITDA GROWTH FORECAST: The company's earnings before interest, taxes, depreciation, and amortization for the quarter is expected to have grown 7.7% organically, and by 7.6% for the year.

UNDERLYING EPS: Underlying earnings per share--the company's preferred metric, which strips out exceptional and other one-off items--is forecast to be 72 cents in the quarter and $3.34 for 2024 as a whole. This compares with 82 cents and $3.05 reported in the last fourth quarter and last year, respectively.

WHAT TO WATCH

Shares over the past 52 weeks are down nearly 12%. However, the stock is up 7.5% since the start of 2025, helped by positive results from peers Heineken and Carlsberg.

--FULL-YEAR EXPECTATIONS: According to the company-provided market forecasts, revenue for 2025 is expected to grow 4.5% organically, supported by a return to volume growth of 1.1%. Ebitda growth, however, is expected to slow to 6.7%.

--CHINA WEAKNESS: The company has been struggling with declining volumes, dragged by a weak consumer backdrop in China. The Asia and Pacific region was responsible for 16% of AB InBev's total volume and 12% of total revenue in 2023.

-- U.S. TRENDS: Sales in North America, which represented more than a quarter of the company's total revenue and 15% of global sales volume last year, have been recovering from the sharp sales decline in the U.S. following a Bud Light boycott that began in April 2023 after transgender influencer Dylan Mulvaney posted an Instagram video about a personalized beer can the brand had sent her as a gift.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

February 24, 2025 06:40 ET (11:40 GMT)

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