Anheuser-Busch Inbev SA/NV said its first-quarter net profit declined to $1.02 billion, from $1.41 billion in the same quarter last year.
The brewing company's normalized EPS also fell to 73 cents from 74 cents in the prior-year period, short of the S&P Capital IQ consensus estimate of 79 cents.
Revenue for the first quarter rose by 4.7% to $13.07 billion, from $12.92 billion a year ago, buoyed by continued strong premium brand performance and revenue management initiatives.
Cost of sales fell to $4.99 billion from the prior-year quarter's $5.23 billion.
The company's normalized EBITDA came in at $4.99 billion, rising by 6.6% from $4.81 billion, driven by top-line growth and cost synergies.
Income tax expense was $673 million, up from $418 million with the normalized effective tax rate climbing to 28.3% from 20.4%. The company said its taxes were negatively affected by mark-to-market adjustments related to the hedging of its share-based payments programs and the timing of certain deductions.