Lower costs, exchange rate boosts Brazil's Ambev net profit in Q3 as sales dip

Brazilian brewer Ambev reported a 19.3% increase in net profit, driven by lower aluminum prices and favorable exchange rates. However, total net revenue in Q3 fell short of analysts' expectations. Sales were lower in South Latin America and Canada, but continued to grow in Brazil, led by premium beer brands such as Corona and Stella Artois. Earnings before interest, tax, depreciation, and amortization (EBITDA) also grew significantly. Ambev forecasts that its fourth-quarter EBITDA will surpass the growth achieved in 2022.