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Anheuser-Busch InBev (BUD) is the world’s largest beer company. This quarter the brew giant saw sales in North America and Western Europe drop, while Brazil showed signs of awesome growth. Are the losses in the old markets due to the recession? Or, are indie brewers starting to take away serious market share?

Earnings: Decreased 7.7% to $1.43 billion ($0.90 per share) from $1.55 billion ($0.98 per share) y-o-y.

Revenue: Decreased 4.5% to $9.32 billion from $9.76 billion.

Actual versus Wall Street Expectations: BUD surprised to the downside as analysts expected a profit of $0.92 per share. Revenues also fell short of the $9.53 billion expected (FactSet Researchs).

Notable Stats: Brazil beer volume jumped 13%, China volume rose 8.1%, and Russia volume rose 8%.

North America volume fell 1.5% and domestic U.S. beer selling-day-adjusted sales to retailers fell 4%. Beer volumes fell 4.6% in Canada, while Western Europe volume fell 4.5% (-6.5% in Germany, -9.7% in the U.K.). Comparisons were tough against the World Cup soccer tournament.

Total volumes of beer rose slightly to 106.7 million hectoliters from 106.6 million hectoliters.

Official Company Earnings Release: Read all the details here.

Commentary: Shares of Anheuser-Busch InBev have had a nice run. There’s plenty of room to cool off as the stock is extended from both its 50 and 200 DMA.

Disclosure: No positions.

Source: Earnings Cheat Sheet: Anheuser-Busch InBev Wins in New Markets, Weak in Old Ones