Anheuser-Busch InBev (NYSE:BUD) said sales of beer brand Michelob Ultra helped the world's largest brewer offset a slump in demand for Bud Light in the US following marketing backlash.
The company has increased marketing efforts for Michelob Ultra, which is sponsoring Team USA at the Olympic Games in Paris.
As a result, volumes in North America fell by 3.2%, less than analysts had expected.
Shares of AB InBev rose 2.4% in trading on Thursday, continuing the run which has seen it tick 9% higher over the last year.
In July, Michelob Ultra overtook Bud Light to become America’s second-favourite beer, according to industry analysts.
Renewed marketing of Michelob Ultra is part of AB InBev's broader efforts to recover in the US following consumer boycotts against Bud Light due to a transgender influencer promoting the brand.
Zooming out from the US, the total volume for AB InBev fell by 0.8% in the second quarter, missing estimates due to a downturn in demand in China.
Poor weather and cautious spending by customers in China, where AB InBev sells global labels and local brands like Sedrin and Harbin, led to a 10.4% drop in volumes.
AB InBev reiterated its full-year earnings growth outlook of between 4% and 8%.