AB InBev's third-quarter underlying EPS rose 22.4% to $1.21 (13.9% in constant currency), but much of that came from lower financing costs and currency effects rather than operations. Revenue grew 4.9% organically to $16.5 billion, while normalized EBITDA rose only 3.9% and the EBITDA margin narrowed 34 basis points as marketing and commodity costs increased. Net finance expense fell to $908 million from $1.165 billion a year earlier, and the board raised the interim dividend to 0.40 euros per share from 0.15 euros. By region, Middle Americas posted 12.1% revenue growth and 15.6% EBITDA growth, while the U.S. saw revenue fall 1.2% and EBITDA drop 4%, and China's volumes and revenue each fell 16.8% with EBITDA down 30.5%. AB InBev cited abnormal weather, weak bars and restaurants, and inventory management in China.
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