Sao Paulo-based Ambev S.A. (ABEV) surpassed its consensus earnings estimate by 15.7% in the third quarter. Although its revenue grew strongly in the last quarter, it missed analyst estimates marginally. Belonging to the brewing sector, ABEV produces, distributes, and sells beer, carbonated soft drinks (CSDs), and other non-alcoholic and non-carbonated (NANC) beverages across the Americas.
In the last quarter, ABEV’s total volume rose 1.3% year-over-year, driven by Brazil NAB volumes rising 10.2%, while Latin America South and Canada rose 4.5% and 3.4%, respectively. The growth in revenue in the third quarter was driven by higher NR/hl performance. In the last quarter, NR/hl came in at 17.4%, compared to 14% for the first six months of fiscal 2022.
