SAO PAULO (Reuters) – Brazilian brewer Ambev SA’s first-quarter web revenue rose 29.1% from a 12 months earlier as volumes elevated, pushed by its home and South American items, it stated on Thursday, beating estimates from analysts polled by Refinitiv.

The underside line got here in at 3.53 billion reais ($717.51 million), forward of an estimated 2.79 billion reais, additionally boosted by the corporate’s monetary outcome.

“We delivered quantity and EBITDA (core revenue) development regardless of the business’s volatility in a number of markets and at the same time as prices remained below stress,” Chief Government Jean Jereissati stated in an announcement.

Ambev’s quarterly web income rose 10.8% to 18.44 billion reais, barely above a mean market estimate of 18.03 billion reais.

Volumes grew 3.6%, a determine the subsidiary of Belgium’s Anheuser-Busch InBev SA seen as constructive given the brand new wave of COVID-19 infections pushed by the Omicron variant and the postponement of Brazil’s Carnival (NYSE:) parades for the second quarter.

Adjusted earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) elevated 3.7% to five.52 billion reais, roughly in keeping with estimates, however the adjusted EBITDA margin fell 200 foundation factors to 30%.

“As anticipated, price pressures remained in place … as a result of larger commodities costs, which had been already projected,” Ambev stated in a securities submitting.

($1 = 4.9198 reais)