Anheuser-Busch reported fourth-quarter adjusted EPS above Wall Street forecasts and delivered mid-single-digit revenue growth. Strong pricing in North America offset moderate volume declines in select international markets.

Management highlighted improved supply-chain efficiencies and cost-saving initiatives that bolstered profit margins. The brewer’s operating margin expanded sequentially despite input-cost pressures.

Executives projected sustainable U.S. volume growth and reiterated plans for modest price increases next year. The guidance fueled a rally in shares as investors priced in stronger market share gains.