By Ian Walker

 

Anheuser-Busch InBev SA on Thursday reported a 36% fall in third-quarter net profit--missing market forecasts--on revenue that also fell, and said that while it expects the second half performance to be better than the first markets remain volatile and uncertain.

The world's largest brewer--with brands such as Budweiser, Stella Artois and Corona--said volumes rose 1.9% in the second quarter. North America rose 1.5%, South America rose 15% while in Asia Pacific rose 0.5%.

For the quarter ended Sept. 30, AB InBev made a net profit of $1.04 million compared with $3.0 billion a year earlier and a consensus of $1.62 billion, taken from FactSet and based on four analysts' forecasts.

Normalized earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics, which strips out exceptional and other one-off items--was $4.89 billion compared with $5.29 billion for the third quarter of 2019 and a consensus of $4.34 billion, taken from FactSet and based on five analysts' forecasts.

Revenue for the quarter was $12.82 billion, down from $13.17 billion and forecasts of $11.78 billion, taken from FactSet and based on nine analysts' estimates.

No dividend has been declared. On April 14, the company halved its final dividend for 2019 to 50 European cents (58.73 U.S. cents) because of the uncertainty and volatility caused by the pandemic.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

October 29, 2020 02:36 ET (06:36 GMT)

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