InBev Buyout Hurts Anheuser 3Q Profits

Anheuser-Busch says third-quarter profit fell 5.7 percent due to charges for its pending sale to InBev, but sales rose in the quarter as nation's largest brewer gained market share.

Nov 6th, 2008

ST. LOUIS (AP) -- Anheuser-Busch says its third-quarter profit fell 5.7 percent due to charges for its pending sale to InBev SA, but sales rose in the quarter and the nation's largest brewer gained market share.

The maker of Bud Light and Budweiser said Thursday it earned $666.1 million, or 90 cents a share in the three-month period ending in September. That compares with profit of $706.7 million, or 95 cents a share, a year earlier.

Anheuser-Busch says its earnings include charges associated with its sale to the Belgian brewer and a retirement program, and gains from the sale of distribution rights for Grolsch.

When stripping those out, the company earned $1.05 a share.

Thomson Reuters says analysts predicted the company would earn $1.04 a share. They exclude one-time items.

Net sales rose to $4.92 billion, up from $4.62 billion last year, just ahead of analyst estimates.

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