Anheuser-Busch’s Earnings Are on Tap. Analysts Care About the Conference Call.

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Anheuser-Busch InBev‘s first quarter earnings results on Thursday morning won’t include the effects of a boycott of its Bud Light brand after it was promoted online by transgender social media influencer Dylan Mulvaney in early April.

But the boycott and related fallout is likely to be a focus of questioning on the conference call scheduled for 9 a.m. Eastern time.

Analysts are expecting Anheuser-Busch to report first-quarter earnings of 59 cents a share on revenue of $14.1 billion, according to FactSet. That’s for the three months through the end of March. The company reported EPS of 67 cents a share on revenue of $13.2 billion in the first quarter of 2022.

Mulvaney’s April 1 Instagram post during March Madness set off a strong backlash that lasted the month of April, at least. The trade publication Beer Business Daily said Bud Light’s sales at grocery, convenience and liquor stores fell 21.4% for the week ending April 22, after falling 17% the previous week. So far this year, sales are off 3%. 

In comparison, Molson Coors Beverage’s (TAP) Coors Light revenue rose 20.5% in the third week of April, and Miller Lite sales increased 21%.

“We’ve never seen such a dramatic shift in national share in such a short period,” wrote Harry Schuhmacher, publisher of Beer Business Daily.

Anheuser-Busch didn’t immediately respond to Barron’s requests for more information.

Analysts on a conference call for Coors, which reported earnings on Tuesday, asked in various ways about the Bud Light boycott and a jump in sales for the brewing rival during April. Molson Coors reaffirmed its guidance for 2023, including low single-digit growth in net sales revenue.

“We haven’t factored any of the trends that we’ve seen in April into our guidance,” Molson Coors CEO Gavin Hattersley told analysts. “We really and I’m sure nobody has any idea how long these are going to continue.”

Anheuser-Busch has pledged to its distributors that it will boost its marketing spending on Bud Light, accelerate the production of new ads, and give a case of Bud Light to every employee of an Anheuser-Busch wholesaler, The Wall Street Journal reported. 

Brussels-based

Anheuser-Busch InBev

makes more than 500 beer brands worldwide, including Corona, Stella Artois, and Michelob Ultra. Its North American market may be its largest, but its $16.6 billion revenue in 2022 made up less than 30% of its global sales of $57.8 billion.

For 2023 as a whole, analysts expect EPS of $3.23, on revenue of $62.2 billion. In 2022, the company earned $3.21 a share on revenue of $57.8 billion.

As of Wednesday’s close, BUD’s shares are up 6.1% so far this year, and up 9.2% over the past 12 months.

Write to Janet H. Cho at [email protected]