Carlsberg Revenue Up Amid Strong Growth in Asia -- Earnings Review
August 15 2019 - 8:49AM
Dow Jones News
By Dominic Chopping
Carlsberg A/S (CARL-A.KO) reported first-half earnings on
Thursday. Here's what we watched:
REVENUE: The Copenhagen-based brewer saw revenue rise to 32.99
billion Danish kroner ($4.93 billion) in the half, from DKK30.97
billion a year earlier, as its core beer business had strong growth
in Asia while sales of its other drinks did well in parts of
Europe. Analysts polled by FactSet had expected revenue of DKK33.02
billion.
NET PROFIT: Net profit attributable to shareholders rose to
DKK3.08 billion, in line with estimates of DKK3.12 billion.
WHAT WE WATCHED:
GUIDANCE: The Danish company recently upgraded its full-year
guidance and now expects high-single-digit percentage growth in
organic operating profit, from mid-single-digit percentage growth
previously. There were no changes to this in Thursday's results,
but it did say it now expects a positive full-year currency
translation impact on operating profit of around DKK100 million,
from DKK150 million previously. Financial expenses, excluding
currency losses or gains, are now expected to be around DKK700
million from a range of DKK700 million-DKK750 million previously.
"Last week we were able to adjust our earnings outlook upwards due
to the performance in the first half and a solid start to 3Q, and
despite tough comparables," said Chief Executive Cees 't Hart.
BEVERAGE VOLUMES: Overall beverage volumes rose 3.7% to 68.1
million hectolitres. Carlsberg said Tuborg, its largest core beer
brand, grew by 4% in the half, supported by good growth in China
and India, while Carlsberg brand volumes declined by 3%, with
growth in markets such as Russia, Malaysia and Vietnam offset by
declining volumes, most significantly in the U.K. Alcohol-free
brews continued to significantly outperform the beer market in
terms of growth, delivering growth of 16%, with very strong growth
rates achieved in markets such as Russia, Poland, Sweden, Denmark
and Lithuania, it said.
Write to Dominic Chopping at dominic.chopping@wsj.com;
@domchopping @WSJNordics
(END) Dow Jones Newswires
August 15, 2019 08:34 ET (12:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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