On Oct. 25, Motley Fool Inside Value recommendation Anheuser-Busch (NYSE:BUD) released full-year earnings for the period ended Sept. 30, 2006.
- Operating margins jumped 2.82 percentage points compared to third-quarter 2005 results.
- Capital expenditures are down 41% compared to last year, boosting free cash flow by 30%.
- Anheuser-Busch's revenue and diluted earnings per-share results exceeded analyst estimates. Under GAAP, diluted EPS increased 26.2%. If a one-time legal settlement is removed from 2005 results, diluted EPS increased 7.9%.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Avg. Est. |
Q3 2006 |
Q3 2005 |
Change | |
|---|---|---|---|---|
|
Sales |
$4,240 |
$4,281 |
$4,089 |
4.7% |
|
Net Profit |
-- |
$638 |
$505 |
26.3% |
|
EPS |
$0.81 |
$0.82 |
$0.65 |
26.2% |
|
Diluted Shares |
-- |
776 |
781 |
(0.6%) |
Get back to basics with a look at the income statement.
Margin Checkup
|
Q3 2006 |
Q3 2005 |
Change* | |
|---|---|---|---|
|
Gross Margin |
38.22% |
38.42% |
(0.20) |
|
Operating Margin |
20.98% |
18.16% |
2.82 |
|
Net Margin |
14.89% |
12.35% |
2.54 |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
Q3 2006 |
Q3 2005 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$191 |
$192 |
(0.4%) |
|
Accounts Rec. |
$903 |
$814 |
11.0% |
|
Inventory |
$656 |
$692 |
(5.2%) |
|
Liabilities |
Q3 2006 |
Q3 2005 |
Change |
|---|---|---|---|
|
Accounts Payable |
$1,315 |
$1,203 |
9.3% |
|
Long-Term Debt |
$7,393 |
$8,008 |
(7.7%) |
Learn the ways of the balance sheet.
Cash Flow Highlights
|
YTD 2006 |
YTD 2005 |
Change | |
|---|---|---|---|
|
Cash From Ops. |
$2,226 |
$2,146 |
3.7% |
|
Capital Expenditures |
$487 |
$823 |
(40.8%) |
|
Free Cash Flow |
$1,739 |
$1,323 |
31.4% |
Find out why Fools always follow the money.
Related Companies:
- Molson Coors Brewing Company (NYSE:TAP)
- Boston Beer Company (NYSE:SAM)
- Diageo (NYSE:DEO)
- AmBev (NYSE:ABV)
Related Foolishness:
Anheuser-Busch is a Motley Fool Inside Value selection. Diageo is a Motley Fool Income Investor selection. Take the newsletter of your choice for a 30-day free trial.
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,Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here.
