Anheuser-Busch InBev (BUD) is trying to get back into the game, after a challenging 2023.

The beer giant reported revenue of $15.33 billion, lower than the $15.49 billion expected. Margin recovery drove a 10.2% growth in EBITDA, more than the 9.24% growth Wall Street expected, based on Bloomberg Consensus data.

Adjusted earnings per share of $0.90 also beat estimates of $0.86.

Volume growth is still lagging, down 0.8% year over year, dragged lower by sales in the US and China.

"Our global momentum continued this quarter. The strength of our diversified footprint and consumer demand for our megabrands delivered another quarter of broad-based top- and bottom-line growth." AB InBev CEO Michel Doukeris said in the release.

Rival Heineken's (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. Meanwhile, Diageo (DEO) warned of a consumer slowdown in the US.

Anheuser-Busch InBev reiterated its 2024 guidance of EBITDA growth between 4% to 8%, taking into account inflation and other macroeconomic conditions.

"No change, as expected, to 2024 guidance...which we believe looks conservative. We think the results will be taken positively and expect consensus to move up slightly (mainly driven by US EBTIDA)," Bank of America analyst Andrea Pistacchi said in a note to clients.

Pistacchi that the team is "increasingly confident Anheuser-Busch InBev will have a strong year."

In the US, revenue declined by 0.6% as the dust settles following the Bud Light boycott from last April.

Sales-to-wholesalers dropped by 2.7% and sales to-retailers were down by 4.1% in the US. The company said it's "in-line with the industry as we cycled a challenging comparable in April but gained volume share of the industry in May and June," per the release.

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%, and Coors Light grew 2.3%, according to data from Bump Williams Consulting and NielsenIQ.

Its other brands, Michelob Ultra and Busch Light, helped offset its losses from Bud Light. Overall, its beer market share is now "flattish" per the release. Its ready-to-drink canned cocktails segment had volume growth in the high teens in the US.

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

Bump Williams of Bump Williams Consulting said the reason for Modelo and Michelob Ultra's rise is not only gains from the Bud Light boycott, but also Michelob Ultra riding the trend of lower-calorie options, and Modelo Especial being sold at a premium price point.

Modelo is also getting more display space on shelves as the popularity of Mexican imports grows.

Anheuser-Busch's business in China dragged down overall revenue and volume growth by 15.2% and 10.4%, respectively, due to weather and a "soft industry" overall as the macro environment prevails.

Here's what Anheuser-Busch InBev reported, compared to Wall Street estimates, based on Bloomberg consensus data

• Revenue: $15.33 billion versus $15.49 billion

• Adjusted earnings per share: $0.90 versus $0.86

• Volume growth: -0.80% versus -0.49%

• Price growth: 3.50% versus 3.62%

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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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