SABMiller’s sales increase on pricier beer in Africa, Europe

SABMiller Plc, the world’s second-biggest brewer, reported first-quarter revenue growth that beat estimates as it sold more expensive beer in Africa and Europe, offsetting lager volume declines in Latin America and Australia.

Revenue advanced 6 percent in the three months through June, the London-based maker of Grolsch and Peroni said in a statement on Thursday. Analysts expected 4.6 percent growth, according to the median of 13 estimates compiled by Bloomberg News. The volume of beer sold rose 1 percent, compared with a 2.7 percent median estimate. Both measures exclude the effects of acquisitions, disposals and currency fluctuations.

“Strong growth in Africa, South Africa and Europe was balanced by slower momentum in North America,” chief executive officer, Alan Clarke, said in the statement, citing “innovations and improved trade execution” for helping increase revenue growth.

SABMiller, the brewer founded more than a century ago in South Africa, has the largest exposure to emerging markets of the major beermakers, which has helped it offset tough conditions in the U.S., where its MillerCoors LLC joint venture operates, and Europe over the last few years. The results compare with the fourth quarter’s 1 percent lager volume growth and 2 percent revenue growth.

The company had said when it reported results in May that it saw little change in business conditions this year and would focus on creating innovative products and packaging to capture growth in regions including Africa and Latin America.