Falling short of the analysts' estimations, Anheuser-Busch InBev NV fears a sloth in its growth in the first-half of the year.

Its pre-tax earnings surged to $3.11 billion from $2.81 billion during the previous year, in the fourth quarter of 2009.

"The U. S. was getting worse after they put prices up and that impact will continue in 2010", said Andrew Holland, an Analyst at Evolution Securities Ltd. in London. "The run rate as they go into the New Year is not great. Holland has a neutral recommendation on the shares", he added.

The company fears a slowdown in Ebitda growth in the first quarter of 2010.

"We see no improvement in the operating environment today", said Chief Financial Officer Felipe Dutra, on a conference call. "In the U. S., unemployment remains high, and the young population has been disproportionately affected by the economic crisis", he added.

Cutting down $1.11 billion of costs in 2009, the company beat the forecast of $1 billion.

It today announced that it will keep its synergy charges at $2.25 billion for 2011.

On a good note, its fourth-quarter revenue reported a rise of 3.7% with rise in the sale of beer, during the quarter.