Carlsberg Sees Fiscal Year Operating Profit Falling 10%-15% on Year -- Earnings Review
August 13 2020 - 9:12AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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