Earnings roundup: Anheuser-Busch profits rise

Anheuser-Busch Cos. Inc., the nation’s largest brewer, said Wednesday that a boost in international sales helped push its profit up 11 percent in the third quarter. But with higher grain prices squeezing profit margins, the company said it will phase in price increases to keep profits up into 2008.

The maker of Budweiser, Bud Light and other beers earned $707 million, or 95 cents per share, in the three months ended Sept. 30, up from $638 million, or 82 cents per diluted share, in the same period in 2006.

Net sales also rose 8 percent to $4.62 billion from $4.28 billion.

ConocoPhillips, the third-largest U.S. oil company, said Wednesday its third-quarter earnings fell 5 percent on weakness in refining, which overcame higher crude oil prices.

Net income for the July-September period fell to $3.67 billion, or $2.23 per share, from $3.88 billion, or $2.31 per share, during the same period a year earlier.

The most-recent results included $475 million, or 28 cents a share, in one-time, after-tax items primarily related to ongoing asset sales.

A weaker real estate economy led to slightly lower third quarter earnings at Sandpoint-based Intermountain Community Bancorp, the holding company for Panhandle State Bank.

Net income was $2.4 million, or 28 cents per share, down slightly from the $2.5 million, or 30 cents per share, reported for the third quarter of 2006.

For the nine months ending Sept. 30, net income was $6.7 million, down from the $6.9 million reported for the first nine months of 2006.

Corning Inc. said its third-quarter profit rose 41 percent on strong demand for glass used in flat-panel televisions but warned that its performance in the current quarter will fall short of Wall Street’s expectations.

Its stock tumbled more than 6 percent.

The world’s largest maker of liquid crystal display glass said profits climbed to $617 million, or 38 cents a share, in the July-September period, up from $438 million, or 27 cents, in last year’s third quarter.

Media conglomerate Tribune Co. said its third-quarter earnings dropped 7 percent as the housing slump and lower consumer spending worsened an ongoing decline in advertising revenue from its newspapers.

The reduced profit and a 4 percent drop in revenue still exceeded analysts’ expectations, and Tribune’s slumping stock rose.

Despite skepticism on Wall Street, Chief Executive Dennis FitzSimons said the transaction under which Tribune is going private remains on track to close in the fourth quarter.

Tribune owns the Chicago Tribune, Los Angeles Times and nine other daily papers along with 23 television stations and the Chicago Cubs baseball team, which is to be sold as a condition of real estate magnate Sam Zell’s deal.

AutoNation Inc. said its third-quarter profit tumbled 12 percent on declines in new vehicle retail sales, which the nation’s largest automotive retailer blamed on the weak housing market.

AutoNation Chairman and Chief Executive Mike Jackson said he expected the auto retail market to be affected by the housing market well into 2008, despite tight management of expenses and inventory.

The company earned $72.1 million, or 37 cents per share, compared with $81.8 million, or 38 cents per share, for the same quarter in 2006.