Narrow-Moat CCU Posts Solid Margin Expansion in 1Q as International Business Continues to Scale
CCU began its first quarter on solid footing, as strong pricing in its core Chilean market (above two thirds of volume) and double-digit volume growth in its international segment (which includes Argentina, Uruguay, and Paraguay) continued to offset softness in wine exports. Net sales grew 5.2%, including a roughly 1.5% increase in pricing. From our vantage point, CCU’s ability to take further pricing in Chile (with revenue per hectoliter up a mid-single-digit clip this quarter and 3.7% in fisca...
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