US: Anheuser names non-family CEO as Q1 up

Most popular

Is craft spirits approaching a reset moment?

'Healthy alcohol - the trend to watch in 2019?

The beer category in 2018 - Review

The beer category in 2019 - just-drinks predicts


The US brewing giant Anheuser-Busch saw its first-quarter profits jump 16%, led by higher pricing and the success of its malt-based RTD Bacardi Silver. The company also announced that it was breaking a 142-year-old run by naming a non-family member as its chief executive.

Patrick Stokes, 59, who is currently in charge of the company's US beer business, will become president and chief executive on July 1. He will replace August Busch III, who will remain as chairman and who turns 65 in June.  The news was well received in the marketplace, where Stokes is well respected.

First quarter net profits for the company were US$456m, compared with US$394m for thew same period a year earlier. Net sales rose 3% to US$3.14 billion, the company said. In particular these were driven by a 5.1% increase in domestic beer sales.

However analysts remained concerned that shipments to domestic retailers were only up 1.4% and Anheuser-Busch shares closed down US$1.32, or 2.5%, at $51.70.

However A-B remained confident for the full year. "With favorable year-to-date results, we are raising our earnings per share growth target for 2002 to 13%," August Busch III said in a statement. "In addition, we remain confident in our ability to consistently achieve double-digit earnings per share growth over the long term, with a 12% average annualized target through 2004."

Companies: Bacardi Ltd

Related Content

Anheuser-Busch InBev Q1 2018 results - Preview

Anheuser-Busch InBev Q1 2018 results - Preview...

Anheuser-Busch InBev's Budweiser entrance puts Heineken on alert in Nigeria - CEO

Anheuser-Busch InBev's Budweiser entrance puts Heineken on alert in Nigeria - CEO...

Performance surprises Anheuser-Busch InBev in Q1 2018 - results

Performance surprises Anheuser-Busch InBev in Q1 2018 - results...

"Corona has been surprising us every time" - A-B InBev CEO...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..

Forgot your password?