Anheuser-Busch InBev SA ABI, -1.07% said Thursday that fourth-quarter net profit rose above market expectations, supported by revenue growth despite a fall in volumes, and raised its dividend payout.
The world’s largest brewer–which houses the Stella Artois and Budweiser brands among its portfolio–reported a net profit of $ 2.84 billion, up from $ 1.96 billion in the same period a year ago and ahead of a consensus forecast of $ 2.20 billion, taken from FactSet and based on four analysts’ estimates.
Revenue came in at $ 14.67 billion compared with $ 14.20 billion and above a consensus of $ 14.41 billion taken from FactSet and based on 10 analysts’ forecasts. Organic revenue growth was 10.2%, while organic volumes fell 0.6% compared with expectations for increases of 11% and 2.1%, respectively, according to a company-provided consensus.
Normalized earnings before interest, taxes, depreciation and amortization rose to $ 4.95 billion from $ 4.88 billion, it said. Consensus normalized Ebitda was $ 4.72 billion, taken from FactSet and based on three analysts’ estimates.
The board declared a dividend of 75 European cents (80 U.S. cents) from 50 cents the prior year.
Looking ahead, the group expect Ebitda to grow in line with its medium-term outlook of between 4% and 8% and revenue to grow ahead of Ebitda, supported by a healthy combination of volume and price.
Write to Michael Susin at michael.susin@wsj.com