Carlsberg Upgrades Guidance After 3Q Revenue Beat -- Earnings Review
October 28 2020 - 9:56AM
Dow Jones News
By Dominic Chopping
Carlsberg AS (CARL-A.KO) reported a third-quarter trading
statement late Tuesday. Here's what we watched:
REVENUE: The Copenhagen-based brewer reported a 6.8% fall in
third-quarter revenue to 17.3 billion Danish kroner ($2.75
billion), against DKK16.84 billion expected in a FactSet poll.
WHAT WE WATCHED:
GUIDANCE: Carlsberg raised its 2020 earnings expectations,
benefiting from continued positive volume development in Russia and
China and solid execution of cost reductions. It now expects an
organic operating profit decline of a mid-single-digit percentage,
from previous guidance of a decline of a high-single-digit
percentage. The 2020 currency hit on operating profit is now seen
at around DKK450 million, from DKK400 million previously.
BEVERAGE VOLUMES: Total group organic volumes rose 2.6% to 39.5
million hectoliters versus the 1.1% decline that was seen by
consensus.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 28, 2020 09:41 ET (13:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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