As of 3:09 p.m EDT, the stock was trading up 8.8%.
The company reported strong growth overall as it rebounded from the pandemic and as bars and restaurants reopened, leading to a sales bump. Organic volume, which excludes the impact of acquisitions and divestitures, was up 7.7%, and organic revenue increased 20.8% to $660.9 million. In dollars, revenue jumped 57% due to currency fluctuations.
Ambev experienced broad-based growth with key markets like Brazil, Central America, and Latin America South all growing volume by 8% or more, though Canadian sales declined. The company has also sold more than 180 million hectoliters of beer in the last four quarters, by far its highest mark over the last decade, showing the business executing at a high level.
Profits increased as well, with adjusted EBITDA up 9.4% to $970 million and earnings per share up 49% to $0.04.
CEO Jean Jereissati said, "After achieving all-time high rolling 12 months consolidated volumes in 2Q21, and lapping over a great 3Q20, in 3Q21 we saw continued commercial momentum drive our 7.7% top-line growth."
Ambev didn't offer guidance for the fourth quarter, but the ongoing reopening looks promising for the company as does the momentum in most of its markets.
The beer stock has slumped in recent years and is still trading below pre-pandemic levels, but if management can continue to deliver volume sales growth from already record levels, the stock should continue to rebound.