What happened Shares of Ambev (NYSE: ABEV) were moving higher today after the Latin American subsidiary of Anheuser-Busch InBev (NYSE: BUD) posted better-than-expected results in its first-quarter earnings report. As a result, the stock finished Thursday's session up 11.8%. Image source: Getty Images. So what Ambev, which owns a wide range of beer and soft drink brands, said revenue in the quarter rose 27.8% to $3.15 billion, with volume growth of 11.6% and net revenue per hectoliter up 14.5%. That was significantly ahead of the lone analyst forecast at $2.55 billion. The company saw strong growth across much of Latin America, though some markets were impacted by currency fluctuations. Results were also strong further down the income statement with adjusted EBITDA rising 23.8% to $1.01 billion and earnings per share more than doubling to $0.03. That matched the consensus of two analysts making earnings forecasts. Eight of the company's top 10 markets delivered growth in the quarter even as it dealt with tightening COVID-19 restrictions in some markets. Now what Ambev did not give specific guidance, but the beverage company said it continued to expect uncertainty around the COVID-19 pandemic, which has recently flared again in Brazil. It also expects continued margin pressure in Brazil due to currency exchange rates. Overall, it sees revenue and EBITDA continuing to improve as it works to approach 2019 levels, though that may not happen until the pandemic ends in that part of the world. 10 stocks we like better than Companhia de Bebidas das AmericasWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Companhia de Bebidas das Americas wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool recommends Anheuser-Busch InBev NV. The Motley Fool has a disclosure policy.Source