US: Anheuser delivers record earnings
Growth in both its domestic beer and international beer segments saw Anheuser-Busch achieve record sales and earnings for the second quarter and first six months of 2002, it announced.
Second quarter and first six months earnings per share increased 11.9% and 13.6%, respectively, compared to the same 2001 periods.
"Our excellent financial performance in the second quarter represents the company's fifteenth consecutive quarter of solid double- digit earnings per share growth and reflects strong domestic beer industry fundamentals and our continued ability to deliver consistent, dependable earnings growth," said Patrick Stokes, president and chief executive officer.
Net income for the international beer segment increased 25% in the second quarter, led by the strong performance of the company's equity partner, Grupo Modelo, Mexico's largest brewer and brewer of the Corona brand, and significant increases in volume and profit on the sale of Anheuser-Busch brands overseas.
Domestic revenue per barrel grew 3.0% and 3.4% in the second quarter and first six months of 2002, respectively, compared to the same periods in 2001. This growth reflects the continued favourable pricing environment and the introduction of Bacardi Silver in the first quarter 2002. Revenue per barrel has now increased by 2% or more for 15 consecutive quarters, including increases of over 2.5% for the last eight quarters.
"Anheuser-Busch's continuing success reflects its ability to capitalize on favorable domestic beer industry fundamentals for pricing and volume and the increasing profitability of our international beer segment," said Stokes. "With a strong first half behind us, we look forward to continued strong performance in the remainder of the year and we are raising our full year earnings per share growth target to the 13 to 14% range, in line with year-to-date results. In addition, we remain confident in our ability to consistently achieve annual double-digit earnings per share growth over the long-term, with a 12 percent average annualized target through 2004," added Stokes.
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