Anheuser-Busch 3Q profit up 11 percent

Anheuser-Busch 3Q profit up 11 percent

	Published : Wed, 24 Oct 2007 21:28 By : Agencies Print this Story

ST. LOUIS (AP) - Anheuser-Busch Cos. Inc., the nation's largest brewer, said Wednesday that a boost in international 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 surveyed by Thomson Financial expected earnings per share of 93 cents.

Anheuser-Busch shares rose 32 cents to close at $51.87 Wednesday.

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.

Grupo Modelo is the importer of Anheuser-Busch brands in Mexico.

'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.

The company also said its board of directors declared a regular quarterly dividend of 33 cents per share.The dividend is payable Dec. 10 to shareholders of record Nov. 9.

A company statement also said the brewer plans to raise prices on the majority of its U.S. product line in early 2008. The price hikes will vary by region and in the product.

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 $2.53