Carlsberg Raises 2020 Guidance as Volume Growth Rises in 3Q
October 27 2020 - 1:30PM
Dow Jones News
By Adriano Marchese
Carlsberg AS said Tuesday that organic revenue fell in the third
quarter despite volume growth in the period, but has raised its
earnings expectations for 2020.
The Copenhagen-based brewer said revenue in the period fell to
17.3 billion Danish Krone ($2.75 billion), compared with DKK18.5
billion in the prior year period. This contributed to the decline
of 11% in the first nine months to DKK46.1 billion.
In the period, total organic volume growth was 2.4% in the
period, benefiting from good growth from Tuborg, Grimbergen, 1664
Blanc and Somersby.
It also noted that craft and specialty volume rose by 12% and
alcohol-free brews rose by 29%.
"We're satisfied with our 3Q performance and the fact that we
were able to deliver more than 2% volume growth, including strong
figures for craft & specialty and alcohol-free brews," Chief
Executive Cees 't Hart said.
Carlsberg said it has raised its 2020 earnings expectations,
benefiting from continued positive volume development in Russia and
China.
In particular, it expects organic operating profit to decline by
a mid-single-digit percentage, compared to its previous expectation
of a high-single-digit percentage decline.
"Our earnings upgrade is the result of solid execution and our
ability to adjust our business and costs to changing market
conditions," Mr. Hart said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 27, 2020 14:15 ET (18:15 GMT)
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