CCU’s leading position in the Chilean beverage market has helped it develop a competitive edge.
Narrow-moat United Breweries' fourth-quarter results were largely in line with our expectations, as the firm was able to enhance profitability (gross margin expanded 50 basis points to 54.3%, matching our expectation) despite slightly softer-than-expected volumes, up 2.5%, 110 basis points below our outlook. The international business, 27% of sales, continued to drive top-line growth, posting double-digit gains for the fourth consecutive quarter as the firm’s market share has remained solid in t...
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