CABGY Carlsburg AS (PK)

By Dominic Chopping

Carlsberg AS reported first-half earnings on Thursday. Here's what we watched:

REVENUE: The Copenhagen-based brewer has prereleased headline first-half results, expecting an 11.6% fall in organic revenue and an 8.9% decline in organic operating profit. These figures were all confirmed Thursday. Revenue fell to 28.83 billion Danish kroner ($4.56 billion) in the half, from DKK32.99 billion a year earlier. Analysts polled by FactSet had expected revenue of DKK29.55 billion.

EARNINGS: Adjusted net profit attributable to shareholders fell to DKK2.87 billion, in line with estimates of DKK2.88 billion.

WHAT WE WATCHED:

VOLUMES: Carlsberg also prereleased volume guidance, expecting to post a 7.7% decline in organic volumes for the six-month period. It confirmed the decline and said total beverage volumes fell to 62.8 million hectoliters from 68.1 million hectoliters.

GUIDANCE: Carlsberg said it expects full-year organic operating profit to fall 10%-15%, and that it has decided not to start the second tranche of its buyback program. It suspended full-year guidance in April but said Thursday that it is well into the peak summer season and can base guidance on the first-half, July figures and the current Covid-19 situation in its markets.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 13, 2020 08:57 ET (12:57 GMT)

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