Shares in Anheuser-Busch InBev fizzed higher today (5 May) after the Budweiser owner beat analyst expectations on volumes and revenue.

In the first quarter, AB InBev grew its volumes by 0.8%, a result that compared to a consensus analyst forecast of a decline of 0.5%.

The world’s largest brewer grew its revenue by 5.8% to $15.27bn. Analysts had forecast a 3% increase.

“Cheers to beer,” AB InBev CEO Michel Doukeris said. “The strength of the category and the consistent execution of our consumer-centric strategy drove continued momentum across our footprint. We are investing behind our megabrands and innovations to lead and grow the category.”

Beer volumes increased 1.2%, offsetting a 1.9% decline from non-beer products. AB InBev pointed to “record-high” first-quarter volumes in Mexico, Colombia, Brazil, South Africa and Peru.

In the US, the Michelob Ultra brewer said its revenue increased by 1.1%. Revenue per hl climbed 4.4%. Sales-to-retailers rose by 0.3%, which AB InBev said was “estimated to have outperformed an improved industry” in the US.

Sales-to-wholesalers in the US declined by 3.2% as the brewer “cycled a challenging shipment phasing comparable”.

In Europe, AB InBev’s volumes grew “by low-single digits”, led by Corona.

In China, volumes declined 1.5%, a better result than the fourth quarter of last year but “underperforming the industry according to our estimates”, the company said.

“Normalised” EBIT grew 7.1% to $4.07bn. Profit attributable to equity holders of AB InBev stood at $2.56bn, up 19.1%.

Analysts at Bernstein said the results were “a solid beat to expectations” and added: “With foreign exchange hedge tailwinds in the second half and World Cup boost still to come, the outlook is very positive.”

Shares in AB InBev stood at €67.46 at 14:20 CEST, up 6.84%.