On Feb. 1, Anheuser-Busch (NYSE:BUD) released Q4 2005 earnings for the period ended Dec. 31.
- 2005 ended on a sour note as net income per diluted share came in at $0.26, slightly below analyst expectations of $0.27.
- Domestic beer volume sales grew 0.8%, but lower revenue per barrel negatively impacted net revenue.
- Higher commodity prices cut into operating margins.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Avg. Est. |
Q4 2005 |
Q4 2004 |
Change | |
|---|---|---|---|---|
|
Sales, net |
$3,370 |
$3,365 |
$3,367 |
-0.1% |
|
Net Profit |
-- |
$201 |
$333 |
-39.5% |
|
EPS |
$0.27 |
$0.26 |
$0.42 |
-38.1% |
Get back to basics with a look at the income statement.
Margin Checkup
|
Q4 2005 |
Q4 2004 |
Change | |
|---|---|---|---|
|
Gross Margin |
29.80% |
34.17% |
-4.37% |
|
Op. Margin |
8.39% |
13.92% |
-5.53% |
|
Net Margin |
5.98% |
9.87% |
-3.90% |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
Q4 2005 |
Q4 2004 |
Change |
|---|---|---|---|
|
Cash+ ST Invest. |
$226 |
$228 |
-1.0% |
|
Inventory |
$655 |
$690 |
-5.2% |
|
Accounts Rec. |
$681 |
$696 |
-2.1% |
|
Liabilities |
Q4 2005 |
Q4 2004 |
%Change |
|---|---|---|---|
|
Long-Term Debt |
$7,972 |
$8,279 |
-3.7% |
|
Accounts Pay. |
$1,250 |
$1,195 |
+4.6% |
Cash Flow Highlights*
|
Q4 2005 |
Q4 2004 |
Change | |
|---|---|---|---|
|
Cash From Ops |
$2,728 |
$2,940 |
-7.2% |
|
Capital Expend. |
$1,137 |
$1,090 |
+4.3% |
|
Free Cash Flow |
$1,591 |
$1,851 |
-14.0% |
Find out why Fools always follow the money.
Related Companies:
- Diageo (NYSE:DEO)
- Molson Coors Brewing (NYSE:TAP)
- Constellation Brands (NYSE:STZ)
- Six Flags Inc. (NYSE:PKS)
- Cedar Fair (NYSE:FUN)
To brew up more Foolishness:
- Foolish Forecast: Cracking Open Budweiser
- Foolish Fundamentals: Margins
- Foolish Fundamentals: The Cash Flow Statement
Anheuser-Busch is an Inside Value selection. Diageo is an Income Investor selection.
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.
At the time of publication, Andy Cross did not own any positions in the companies mentioned. Fool rules are here.
