By Ian Walker

Anheuser-Busch InBev SA has reported a 65% fall in third-quarter net profit, missing market forecasts. Here's what you need to know:

SALES: Sales for the third quarter were $12.82 billion, compared with a forecast of $11.78 billion taken from FactSet and based on nine analysts' estimates.

NET INCOME: Net income was $1.04 billion, missing a forecast of $1.62 billion taken from FactSet and based on four analysts' estimates. This compares with $3.0 billion for the same period last year.

NORMALIZED EBITDA: 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 a forecast of $4.34 billion taken from FactSet and based on five analysts' estimates.

WHAT WE WATCHED:

-VOLUMES: AB InBev reported a 1.9% lift in total volumes, with increases of 1.5% in North America, 15% in South America and 0.5% in Asia Pacific. Jefferies had expected the brewer to report flat third-quarter volumes in North America, a 6% increase in South America and a 2% rise in Asia Pacific.

-CEO SUCCESSION: The company didn't make any comment about its chief executive. Last month, The Wall Street Journal reported that AB InBev had begun a search for a successor to longtime CEO Carlos Brito, citing people familiar with the matter. Mr. Brito is expected to move to a role on the beer giant's board next year after more than a decade at its helm.

-DIVIDEND: No dividend has been declared and the company said any final dividend proposal would be made at the time of its full-year earnings release on Feb. 25, 2021. AB InBev halved its final dividend payout in April due to the uncertainty and volatility caused by Covid-19 and didn't pay one at the half-year stage.

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

(END) Dow Jones Newswires

10-29-20 0735ET