Anheuser shipments increase 0.4% in '04

Modern Brewery Age,  Jan 10, 2005  

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Anheuser-Busch, Inc., the U.S. beer subsidiary of Anheuser-Busch Cos., Inc., has reported it increased U.S. beer shipments to wholesalers to 103 million barrels in 2004--up 400,000 barrels or 0.4 percent over 2003.

"Anheuser-Busch was able to increase shipments in 2004 due to the continued growth of brands like Michelob ULTRA and Bud Light and due to the efforts of our employees and wholesaler partners across the country," said August Busch IV, president of Anheuser-Busch Inc.

But fourth-quarter beer shipments by Anheuser-Busch to wholesalers decreased 1.5 percent. Wholesaler sales-to-retailers were down 0.3 percent for the full year and decreased 3.2 percent in the fourth quarter.

The company said it expects 10 percent to 11 percent earnings per share growth for 2004, excluding one-time items.

One-time items include a first-quarter 2004 commodity hedge gain, a fourth-quarter 2004 gain on sale of the CCU investment and a fourth-quarter 2004 deferred income tax benefit from Grupo Modelo due to a reduction in Mexican corporate income tax rates.

"We are confident that with our strong leadership position in the U.S. beer market, combined with effective marketing, solid sales execution and a favorable pricing environment, Anheuser-Busch is well positioned for continued growth in volume and profits in 2005 and beyond," Busch said The company has said it will announce worldwide beer volume and consolidated earnings results for the fourth quarter and full year 2004 on Feb. 2, 2005.

Legg Mason cut its rating on shares of brewer Anheuser-Busch Cos. to "hold" from "buy" after the company declined to give a specific earnings forecast for 2005. "(We) take this period of silence from management known for its forthrightness as an indication that A-B's earnings power is likely weaker than we previously believed," analyst Mark Swartzberg said in a research note.

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