Anheuser-Busch 3Q profits up 11 percent |
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Wed, 24 Oct 2007 19:56
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ST. LOUIS (AP) - Anheuser-Busch Cos. Inc., the nation's largest brewer, said Wednesday that a boost in internationals sales helped push its profit up 11 percent in the third quarter.The maker of Budweiser, Bud Light and other beers earned $707 million, or 95 cents per share, in the three months ended Sept. 30, up from $638 million, or 82 cents per diluted share, in the same period in 2006.Net sales also rose 8 percent to $4.62 billion from $4.28 billion.Analysts polled by Thomson Financial expected earnings per share of 93 cents.Anheuser-Busch shares rose 64 cents to $52.19 in afternoon trading.The company reported the revenue of its U.S. beer segment rose 2 percent during the third quarter, while revenue from international markets jumped 8 percent.'Earnings contribution from our international segment accelerated, led by Grupo Modelo,' President and Chief Executive August A. Busch IV said in a statement.'Sales volume and revenue growth in our U.S. beer business benefited from our broadened beer portfolio, with greater participation in the high end segment,' he said.In September, Anheuser-Busch said it expected full-year sales and earnings growth in the second half of 2007 to exceed the company's growth target of 7 percent to 10 percent by an undisclosed amount.Busch affirmed that projection Wednesday.The brewer did not specify a full-year earnings target. Analysts expect full-year earnings per share of $2.81, which would be an increase of 11 percent over last year's $2.53Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Anheuser-Busch 3Q profit climbs 