A-B Growth “Below Our Expectations”

Anheuser-Busch released its Q4 and 2004 year end financial results (recall that they had already released volume numbers). The bottom line for 2004: It wasn't great, but it could've been worse. A-B also issued guidance for 2005. The bottom line for 2005: It won't be great, but it could be worse.Significantly, A-B reiterated guidance to +1% or more. It left it open ended because the big wildcard is Bud Select and how much incremental volume it will generate at it