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Anheuser-Busch Cos. (NYSE:BUD) reported a first quarter EPS of $.67, short of the $.69 analysts had expected, and the market reacted with a share price drop of $1.45 to close at $50.90.
The company reported sales of 37.6 million barrels of suds for the quarter, up 2.2% over 2006, but only 0.5% of that growth was in the U.S. International sales were up 8.7%, accounting for the lion's share of growth. The company credits this to strong sales in Canada and China. Also, equity partners Grupo Modelo and Tsingtao did well for the quarter, boosting this class by 4.1% on modest volumes.
More troubling was the report that the company's market share dropped from 50.9% in 2006 to 50.2%. A price increase imposed in this quarter helped the company reach a consolidated net sales increase of 2.7%. For the quarter, the company reported net income of $518 million, up from $499 million a year ago.
Anheuser-Busch Cos. (NYSE:BUD) reported a first quarter EPS of $.67, short of the $.69 analysts had expected, and the market reacted with a share price drop of $1.45 to close at $50.90. The company reported sales of 37.6 million barrels of suds for the quarter, up 2.2% over 2006, but only 0.5% of that growth was in the U.S. International sales were up 8.7%, accounting for the lion's share of growth. The company credits this to strong sales in Canada and China. Also, equity partners Grupo Modelo and Tsingtao did well for the quarter, boosting this class by 4.1% on modest volumes.
More troubling was the report that the company's market share dropped from 50.9% in 2006 to 50.2%. A price increase imposed in this quarter helped the company reach a consolidated net sales increase of 2.7%. For the quarter, the company reported net income of $518 million, up from $499 million a year ago.
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