BUD posted their first quarter earnings this morning of $1.46 billion in profit. Since MO owns 197.5 million shares, or 10.2%, of BUD, their share of those profits will be about $150 million. MO will book that profit in their second quarter.
That number will be down from the $200 million they booked from SABMiller in last years second quarter, so the beer results will again be a drag on EPS of about 2 cents per share for MO in the second quarter.
However, MO's 3rd and 4th quarter should then be significantly helped by BUD. Partly because profits at BUD should increase for their middle two quarters partly because of more cost reductions, plus peak seasonality for beer sales. The 4th quarter will be especially positive, since MO booked no profit from BUD in the 2016 4th quarter as they set up the one quarter lag.
BUD shares also soared today by over $6 per share, which equates to about $1.2 billion for MO. That jump in BUD shares was largely based on optimism for better sales and profits in Brazil and the US going forward.