Hurricanes tear through Anheuser-Busch InBev Q3 beer profits

The hurricanes that caused havoc in Texas and Florida also tore into the profits of the nation's most prominent beer producer.

Anheuser-Busch InBev blamed hurricanes Irma and Harvey for causing sales to retailers in the U.S. to decline by 1.7% and sales to wholesalers to fall 3.4% in the third quarter.

Its most heavily promoted U.S. brands, Budweiser and Bud Light, saw losses in market share. The brewer tried to stem the declines with patriotic-themed promotions. In Budweiser's case, it was an "American Summer" campaign and also putting the name "America" on its iconic red-and-black Budweiser labels.

The moves "contributed to upward trends in brand health and led to Budweiser becoming the leading brand in the industry in ad awareness and consideration growth" for the quarter, the company said.

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The company is hoping to continue the momentum into the fourth quarter with a seasonal Budweiser beer tied to the end of Prohibition.

The giant brewer said it saw improvement in the sales of its high-end beers. The "above premium" category gained a half-percentage point of total market share, led by Michelob Ultra becoming the top gainer in the U.S. for the 10th straight quarter. 

Globally, AB InBev said Budweiser revenue fell while those of its other two biggest selling brands, Stella Artois and Corona, were up. Together, the three beers saw a combined sales increase of 1.6% in the quarter. Corona's sales gains were particularly strong, up 11.2% growth outside of Mexico, where the beer got its start.

All told, global profit was $2.6 billion for the quarter, or $1.31 a share, up from $1.4 billion, or 83 cents a share, over the same period a year ago. It came on total sales of $14.7 billion for the quarter, up from $11.1 billion a year ago.

With a tough market for its mid-level brands in the U.S., AB InBev is trying to expand its sales in a portfolio that includes non-alcoholic beverages. It said Teavana, for instance, is now the No. 1 super-premium ready-to-drink iced tea. Another drink, SpikedSeltzer, continues to do well.