Anheuser projects strong growth in '04.

Anheuser-Busch Cos. Inc. has raised its earnings growth projection_ for 2003 and expects strong results through 2004, top executives said last week.

Management raised the company's target for earnings per share growth to the 12-13 percent range for 2003. Earlier, the company had projected 12 percent growth for this year. Brewery officers also announced a 12 percent growth objective for 2004.

"Industry fundamentals remain very attractive, and our domestic beer company has roughly a 50 percent market share and continues to enhance its substantial competitive advantages," chief executive Patrick Stokes said.

Anheuser-Busch president August Busch IV said the pricing environment in the U.S. beer market remains favorable. "Beer drinkers continue to trade up, and market activity has become much more focused on building brand equity," Busch said.

The company has had 18 straight quarters of double-digit earnings-per-share growth.