Anheuser-Busch sees profit above analysts' view

CHICAGO (Reuters) - Anheuser-Busch Cos Inc BUD.N on Friday forecast 2008 earnings above analysts' estimates as it laid out a cost-cutting plan and explained its reasons for rejecting InBev NV's INTB.BR $46.3 billion bid.

Anheuser-Busch, the largest U.S. beermaker, expects 2008 earnings per share to increase in the low double-digits, exceeding the average analyst estimate of 8 percent, Chief Financial Officer W. Randolph Bake said on a conference call with analysts.

Company executives also reiterated that the InBev bid undervalued the company, but would not say what an adequate bid would be.

(Reporting by Brad Dorfman; editing by Jeffrey Benkoe)