Anheuser profit meets view; silent on deal

Source: Reuters

Date :11/6/2008 4:35:26 PM

Anheuser-Busch Cos Inc reported a quarterly profit in line with Wall Street expectations on Thursday, and remained silent on its planned takeover by Belgium's InBev NV .

The maker of Budweiser and Michelob, which had reported quarterly sales results last month, said net income fell to $666.1 million, or 90 cents per share, in the third quarter, from $706.7 million, or 95 cents per share, a year ago.

Excluding one-time items such as a gain from selling the U.S. distribution rights to Grolsch and charges related to the InBev deal, Anheuser earned $1.05 per share.

Analysts on average were expecting $1.05 per share, excluding items, according to Reuters Estimates.

The company's shares rose 1.1 percent to $64.34 in early trading on the New York Stock Exchange.

Quarterly net sales rose 6.5 percent to $4.92 billion.

The company reported last month that U.S. quarterly beer sales by volume rose 2.3 percent and that sales from wholesalers to retailers rose 3.6 percent, in what one analyst said were the strongest results since 2000.

InBev, which also reported earnings on Thursday, insisted that the $52 billion takeover was on track to close by the end of the year despite market turmoil that forced it to postpone a $9.8 billion rights issue last month.

(Reporting by Martinne Geller, editing by Dave Zimmerman)

NEW YORK (Reuters)