Belgium-based brewer Anheuser-Busch InBev BUD, +0.90% said Tuesday that first-quarter beer volumes in its key markets of Brazil and the U.S. fell as it posted first-quarter revenue that missed analyst expectations.

-Beer volumes in Brazil fell 8.2% in 1Q as the earlier timing of Carnival and poorer weather hit consumption. High food inflation and a slowdown in the growth of disposable income also weighed and will likely continue to put pressure on volumes in the short term.

-Revises outlook for volume growth in Brazil and now expects that beer industry volumes in FY13 will be either flat or down low single-digits compared to FY12.

-Had seen beer volumes in Brazil in FY13 growing by low to mid single digits.

-Revenue totaled $9.17 billion down from $9.33 billion a year ago and below the $9.64 billion analysts expected.

-In the U.S., volumes were hit by short term pressures on consumer disposable income, increased gas prices and difficult weather.

-U.S. sales to retailers declined by 3.0% in the quarter, while sales to wholesalers fell 5.2%.

-Adjusts Brazilian commercial plans to leverage many of the market programs and pack price strategies that have been used successfully to drive increased demand and expand consumption occasions in the past.

-Increased focus on productivity and cost efficiency opportunities to further support Ebitda performance.

-Expects 2013 revenue per hl to grow organically ahead of inflation, weighted by country, as a result of continued improvement in mix and revenue management initiatives.

-Now sees a volume-related reduction in sales expenses, compared to previous guidance for an increase in sales and marketing investments of high single digits in FY13.

-Expectation for 2013 net capital expenditure in 2013 remains unchanged at $3.7 billion.

-Normalized Ebit was $2.75 billion, from $2.89 billion last year.

-Net profit $2.05 billion, from $1.67 billion.

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