Anheuser-Busch InBev (AB InBev), the world's largest brewer, reported mixed results for the third quarter of 2024, as softening consumer demand in key markets like China and Argentina weighed on its performance.

The company's total volumes declined by 2.4%, with its own beer volumes down 3.1% and non-beer volumes up 0.6%. Revenue grew by 2.1% to $15.05 billion, driven by revenue management initiatives and premiumization, but fell short of analysts' expectations of $15.55 billion.

The disappointing performance was particularly pronounced in China, where revenue and volumes plunged by 16.1% and 14.2%, respectively, due to a soft consumer environment and continued weakness in the on-premise channel. In Argentina, volumes declined by mid-teens as overall consumer demand was impacted by inflationary pressures.

Despite the challenges, AB InBev reported a 7.1% increase in normalized EBITDA (earnings before interest, taxes, depreciation, and amortization) to $5.42 billion, driven by production cost efficiencies and disciplined overhead management. However, this figure missed analysts' consensus estimate of $5.59 billion.

On a positive note, the company's performance in North America was solid, with organic revenue growth of 1.5%, supported by an extra trading day and the continued strength of brands like Michelob Ultra and Busch Light. In Europe, volumes declined by low-single digits, but the company gained share in the majority of its markets.