Ball Corporation, the world’s largest manufacturer of beverage cans, announced a 10% drop in volumes in the North and Central America regions due to the dramatic decline in Bud Light sales and slower beer sales overall.
Bud Light sales are now down by 12% year-to-date following the conservative boycott surrounding transgender influencer Dylan Mulvaney Bud Light ad. Beer sales in general continue to be soft across the US as well.
The company’s third-quarter net sales dropped nearly 10% to $3.57 billion, missing analysts’ average estimate of $3.81 billion, according to an article in Reuters.
Lower aluminum costs and cost-cutting initiatives by the Colorado-based company helped to stem what could have been a bigger loss in profits.