Anheuser-Busch InBev (BUD) investors will be watching for the impact of last year's Bud Light boycotts in the company's Q2 earnings results on Thursday.

In the four-week period ending July 6, 2024, Bud Light sales are down 18.6% from a year ago, whereas Miller Lite is down 0.1%, Coors Banquet is up 16.3%, Coors Light grew 2.3%, according to data from Bump Williams Consulting and NielsenIQ.

"We think a lot of consumers are never going back ... but some are coming back," CFRA analyst Garrett Nelson told Yahoo Finance last quarter.

"The longer-term impact, I think [we won't know] until we see their second quarter results," Nelson said.

The plunge in Bud Light's sales first hit in Q2 2023, marking this one year since the drop.

Wall Street expects Anheuser-Busch's revenue to grow 2.59% to $15.98 billion, but volume is expected to decline 0.49%

Adjusted earnings are expected to grow nearly 20% to $0.86.

"We believe the underlying business remains strong and the U.S. is set to benefit from comping the Bud Light-driven headwinds, which began in April of last year," Evercore ISI analyst Robert Ottenstein wrote in a note to clients.

Last June, Constellation Brands' (STZ) Modelo Especial overtook Bud Light as the No. 1 beer in the US and is still holding onto the top spot, while Anheuser's Michelob Ultra is now in the No. 2 spot.

Bump Williams of Bump Williams Consulting said the reason for their rise include the Bud Light boycott from last April, Michelob Ultra riding the trend of lighter calorie options, and Modelo Especial being sold at a premium price point.

Modelo is also getting more display space on shelves, while the popularity of Mexican imports rises.

Anheuser-Busch's international business in China is expected to drag down overall volume growth due to the challenging macro environment, and poor weather and heavy rainfall across several regions, per Ottenstein.

As other beer giants reported, a consumer pull back is causing growth to fizzle.

Heineken (HEIA.AS) shares fell 8% this week, following its report on Monday that an anticipated boost from summer sporting events hasn't come to fruition, while Diageo (DEO) warned of a consumer slowdown in the US.

Here's what Wall Street expects from Anheuser-Busch InBev, compared to Q2 2023:

• Revenue: $15.49 billion compared to $15.12 billion

• Adjusted earnings per share: $0.86 compared to $0.72

• Volume growth: -0.49% compared to -1.40%

• Price growth: 3.62% compared to 8.60%

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Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at [email protected].

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