Anheuser-Busch InBev (BUD) CFO Fernando Tennenbaum said the beer maker isn't worried about President Trump's tariffs disrupting its business.

"Most of our beer is sourced, brewed, and consumed locally, so any exposure to tariff is very limited," Tennenbaum told Yahoo Finance over the phone. Tennenbaum stated that 99% of what AB InBev sells in the US is made domestically.

"We source the vast majority of our ingredients and other raw materials also in the US," Tennenbaum added.

The Trump administration recently levied 25% tariffs on steel and aluminum imports, which could raise prices for aluminum cans, and an additional 10% tariff on all Chinese goods. The president also announced a 25% tariff on Mexico and Canada that is currently on hold and put like-for-like tariffs on other countries on the table.

Anheuser-Busch InBev's message diverges from other beer makers who face tariff exposure. Constellation Brands (STZ), in particular, will need to keep a close watch on Mexico tariffs, as it has two breweries in the country that ship its Corona and Modelo beers to the US. 

"We have a number of what ifs," Constellation Brands CEO Bill Newlands said on a call with investors following its latest earnings results. "It's really too early to hypothesize about what might or might not happen. As you would expect, we have a lot of permutations that we have considered and, certainly, we'll adjust our approach depending on ... what plays out as we go forward."

Molson Coors (TAP) and AB InBev appear better positioned for tariffs, Bank of America analyst Bryan Spillane told Yahoo Finance over the phone ahead of the Super Bowl earlier this month. 

Read more: What are tariffs, and how do they affect you?

"As we head into the summer ... the [year-over-year] comparisons are easy," Spillane said. "We don't know what's going to happen with tariffs ... will Mexican beer prices have to go up? If they do, that's probably going to be good for both Molson Coors and Bud."

Action Images via Reuters / Reuters

The potential trade impacts come as AB InBev is starting to see momentum in the US, which Tennenbaum called an "inflection point." AB InBev's stock jumped nearly 8% in afternoon trading Wednesday following its quarterly results.

In the US market, AB InBev's Michelob Ultra and Busch Light brands saw the first- and second-largest volume share gain in the market, he said. 

Tennenbaum also pointed to a 0.5% increase among sales to retailers in the fourth quarter, which is the volume of products sold to stores, restaurants, and bars, versus a 12% decrease in the same time period a year ago. US revenue increased 0.8% for the quarter. 

Tennenbaum said there was a "more volatile kind of dynamic" for US consumers last year, largely because of the weather. Cold weather in January and February also offset results, so Tennenbaum said he is looking to this summer, its biggest season, to get a complete understanding.

Earnings breakdown

Here's what Anheuser-Busch InBev posted in the fourth quarter, versus Wall Street consensus estimates compiled by Bloomberg: 

• Adjusted earnings per share: $0.88, versus $0.76

• Revenue: $14.84 billion, versus $14.46 billion

• Organic revenue growth: 3.4%, versus 2.53%

• Organic volume growth: -1.9%, versus -0.74%

• Organic price growth: 5.3%, versus 3.61%

Overall in the fourth quarter, the global beer giant's total revenue grew by 2.7% to $14.84 billion, more than Wall Street's estimates of $14.46 billion. Adjusted earnings per share also came in higher at $0.88, compared to Wall Street's $0.76. Shares of the beer giant popped more than 9% on Wednesday following the results.

Overall volume fell 1.9%, dragged lower by a 1.4% decline in China and Argentina. 

Tennenbaum said the industry is experiencing softness in China especially, as consumers have pulled back on nights out at bars and restaurants.

However, AB InBev is still "confident" about the opportunity in China going forward and expects the middle class there will double in size over the next five to 10 years.

"That is a good opportunity for us to continue to grow and continue to deliver premiumization in the country," he said.

Shares of AB InBev are down a little more than 10% since the company's Bud Light brand was the target of a boycott in April 2023. Its competitor Molson Coors, meanwhile, has seen shares increase nearly 20% in that same time period. 

"We remain optimistic in view of its global portfolio strength and sustained market share gains in key markets," CFRA analyst Danny Yeo Sze Wai wrote in a note following earnings. "We see potential for positive surprise given the conservative market expectation." 

Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.

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