Foam Rises at Anheuser-Busch: Fool by Numbers

On Feb. 1, Anheuser-Busch Companies (NYSE: BUD  ) released fourth-quarter earnings for the period ended Dec. 31.

• Net sales increased by 1.8% to $3.4 billion for the quarter, thanks to growth in all sectors except domestic beer.
• Net profit grew by 31% to $190.7 million, mainly because of lower SG&A expenses.
• Anheuser-Busch is a three-star company in our community intelligence database, CAPS, with 538 out of 602 CAPS investors predicting it will outperform the S&P 500.

(Figures in millions, except per-share data)

Income Statement Highlights

	Q4 2006	Q4 2005	Change
Sales	$3,424.8	$3,365.4	1.8%
Net Profit	$190.7	$145.6	31.0%
EPS	$0.25	$0.19	31.6%
Diluted Shares	773.7	780.3	(0.8%)

Get back to basics with a look at the income statement.

Margin Checkup

	Q4 2006	Q4 2005	Change*
Gross Margin	28.7%	29.3%	(0.6)
Operating Margin	6.4%	6.1%	0.3
Net Margin	5.6%	4.3%	1.2

*Expressed in percentage points

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Balance Sheet Highlights

Assets	Q4 2006	Q4 2005	Change
Cash + ST Invest.	$219.2	$225.8	(2.9%)
Accounts Rec.	$720.2	$681.4	5.7%
Inventory	$694.9	$654.5	6.2%

Liabilities	Q4 2006	Q4 2005	Change
Accounts Payable	$1,426.3	$1,249.5	14.1%
Long-Term Debt	$7,653.3	$7,972.1	(4.0%)

Learn the ways of the balance sheet.

Cash Flow Highlights

	YTD 2006	YTD 2005	Change
Cash From Ops.	$2,709.4	$2,701.9	0.3%
Capital Expenditures	$812.5	$1,136.7	(28.5%)
Free Cash Flow	$1,896.9	$1,565.2	21.2%

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Related Companies:

• Molson Coors (NYSE: TAP  )
• Quilmes Industrial (NYSE: LQU  )
• AmBev (NYSE: ABV  )
• Boston Beer (NYSE: SAM  )
• Compania Cervecerias Unidas (NYSE: CU  )

Related Foolishness:

• Anheuser-Busch: Imports Beckon
• Diageo Toasts 2007
• Stars Aligning for Constellation Brands

Anheuser-Busch is an Inside Value recommendation. To find more top-shelf stocks at bargain-bin prices, sign up today for a free 30-day guest pass.

Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean. This data has been provided by Netscribes. To provide feedback on this article, please click on the "feedback" button below.