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%

*Cash flow numbers are for the entire fiscal year 2005

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:

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.