By Ian Walker
Anheuser-Busch InBev SA on Thursday reported a 65% 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 third 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 billion 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 firstname.lastname@example.org
Corrections & Amplifications
This article was corrected at 0827 GMT because the original incorrectly said profit was $1.04 million in the third paragraph, and that volumes rose in the second quarter in the second paragraph. Anheuser-Busch InBev made a net profit of $1.04 billion in the third quarter. Volumes rose 1.9% in the third quarter.
This article was corrected at 1211 GMT because it misstated that Anheuser-Busch InBev SA on Thursday reported a % fall in third-quarter net profit. The company reported a 65% fall in third-quarter net profit.
(END) Dow Jones Newswires