AB InBev Net Eases on Non-beer Sales Weakness, Coty Loss Narrows

Mukesh Buch
09 May, 2018
New York City

AB InBev profit fell after non-beer volumes declined by 6.9%.. Cable One profit and revenues surged. Coty net loss narrowed. Office Depot lifted fiscal outlook. SINA profit declined despite advertizing revenues surged. Wolverine reported strong first-quarter earnings results.

[R]12:30 PM New York City, New York – AB InBev profit fell after non-beer volumes declined by 6.9%.. Cable One profit and revenues surged. Coty net loss narrowed. Office Depot lifted fiscal outlook. SINA profit declined despite advertizing revenues surged. Wolverine reported strong first-quarter earnings results.[/R]

Anheuser-Busch Inbev SA ((BUD)) rose 44 cents to $98.68 after the Belgium-based brewer reported revenues in the first-quarter ending in March jumped 4.7% from a year ago to $13.1 billion.

Net income in the quarter fell 1.4% to $1.44 billion or 73 cents per diluted share from $1.46 billion or 74 cents in the same quarter last year.

The brewer said total volumes declined by 0.2% while beer volumes grew by 0.5% but non-beer volumes declined by 6.9%, driven by softer results in Brazil and Peru.

Cable One, Inc ((CABO)) jumped 3.9% or $23.98 to $642.98 after the broadband, voice, and video services provider said revenues in the first-quarter ending in March soared 28.1% from a year ago to $265.8 million.

Net income in the quarter surged 26.6% to $40.7 million or $7.08 per diluted share from $32.1 million or $5.60 per share in the same quarter last year.

Coty Inc ((COTY)) slumped 2.1% or 33 cents to $15.57 after the beauty products maker reported revenues in the third-quarter ending in March jumped 9% from a year ago to $2.2 billion.

Net loss in the quarter narrowed to $77 million or 10 cents per diluted share from $164.2 million or 22 cents in the same quarter last year.

Office Depot, Inc ((ODP)) dropped 2.3% or 5 cents to $2.32 after the office products and services provider said revenues in the first-quarter ending in March advanced 5.6% from a year ago to $2.8 billion.

Net income in the quarter tumbled 64.7% to $41 million or 7 cents per diluted share from $116 million or 22 cents in the same quarter last year.

Office Depot lifted fiscal 2018 revenues forecast to about $10.8 billion from the earlier estimate of $10.6 billion and operating profit of about $360 million from the earlier estimate of 350 million.

SINA Corporation ((SINA)) plunged 10.9% or $10.94 to $89.04 after the China-focused online media and advertising services provider said net revenues in the first-quarter ending in March soared 59% from a year ago to $440.8 million.

Net income in the quarter plunged 25.4% to $28.7 million or 38 cents per diluted share from $38.5 million or 52 cents in the same quarter last year.

The online advertisement services provider said advertising revenues in the quarter surged 61% to $367.1 million and non-advertising revenues jumped 47% to $73.7 million.

Wolverine World Wide, Inc ((WWW)) soared 8.5% or $2.53 to $32.33 after the footwear and apparel maker reported revenues in the first-quarter ending in March plummeted 9.7% from a year ago to $534.1 million.

Net income in the quarter jumped to $46.6 million or 48 cents per diluted share from $16.8 million or 17 cents in the same quarter last year.

Wolverine forecasted revenue growth in the fiscal 2018 between $2.24 billion to $2.32 billion and operating margin between 11.6% and 11.9% and diluted earnings per share in the range of $1.92 to$2.02.