Anheuser-Busch 3Q profit climbs |
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Wed, 24 Oct 2007 19:45
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ST. LOUIS (AP) - Anheuser-Busch Companies Inc., the nation's largest brewer, said Wednesday its third quarter profit jumped 11 percent due to the success of its high-end beers and a sales boost in both the U.S. and abroad.For the quarter ended Sept. 30, net income rose to $706.7 million, or 95 cents per share, from $637.5 million, or 82 cents per share in the prior year period.Analysts polled by Thomson Financial, on average, expected earnings of 93 cents per share.The maker of Budweiser and Bud Light said revenue rose 8 percent to $4.62 billion from $4.28 billion in the third quarter of 2006. Analysts predicted revenue of $4.51 billion.Both its U.S. and international beer divisions recorded sales gains. The company said it also benefited from more exposure to the high-end beer segment.Anheuser-Busch also said it will still raise its beer prices mainly in early 2008. The company first announced the price boost in July.The brewer also said 2007 earnings per share growth was on track to exceed its long-term target of 7 to 10 percent.Anheuser-Busch shares fell 35 cents to $51.20 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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