AB InBev SA (NYSE: BUD) reported Q1 EPS of $0.75, $0.09 better than the analyst estimate of $0.66. Revenue for the quarter came in at $14.55 billion versus the consensus estimate of $14.48 billion.

OUTLOOK

The company expects EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY24 reflects our current assessment of inflation and other macroeconomic conditions.

Net pension interest expenses and accretion expenses are expected to be in the range of $220 to $250 million per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY24 to be approximately 4%.

We expect net capital expenditure of between $4.0 and $4.5 billion in FY24.

We expect the normalized ETR in FY24 to be in the range of 27% to 29%. The ETR outlook does not consider the impact of potential future changes in legislation.

For earnings history and earnings-related data on AB InBev SA (BUD) click here.