UPDATE 4-Anheuser-Busch profit tops view

(Adds more comments from analyst, company; byline)

By Martinne Geller

NEW YORK, Oct 24 (Reuters) - Anheuser-Busch Cos Inc (BUD.N: Quote, Profile, Research, Stock Buzz) posted a greater-than-expected 11 percent increase in quarterly profit on Wednesday and affirmed its full-year outlook, as the brewer's portfolio of imports helped it sell more beer at higher prices.

But underlying sales trends for its core domestic brands, including Budweiser and Bud Light, were weaker than some investors expected, muting the market's positive reaction.

Anheuser-Busch shares closed up 32 cents, or less than 1 percent, at $51.87 on the New York Stock Exchange.

"The stock is likely up in relief because we believe there had been fears that the company could miss or guide down based on an earnings miss at Grupo Modelo SAB de CV (GMODELOC.MX: Quote, Profile, Research, Stock Buzz), which is the key component of Anheuser's equity income," said Goldman Sachs analyst Judy Hong. "The lack of a miss is a plus, but we believe the quality of the report is not great."

The St. Louis-based brewer reported net income of $706.7 million, or 95 cents per share, for the third quarter, ended Sept. 30, compared with $637.5 million, or 82 cents per share, a year ago.

Analysts on average were expecting 93 cents per share, according to Reuters Estimates.

Quarterly net sales rose to $4.62 billion from $4.28 billion a year ago. The company sold 45 million barrels of beer in the third quarter, up 4.1 percent.