Carlsberg Lifts Guidance as 3Q Revenue Beat Expectations
October 27 2021 - 11:09AM
Dow Jones News
By Dominic Chopping
Carlsberg AS on Wednesday raised its earnings guidance for 2021
after posting third-quarter revenue growth that beat
expectations.
The Copenhagen-based brewer, which was due to release earnings
Thursday, said the Covid-19 pandemic continues to impact many of
its markets with market volatility and uncertainty remaining high.
However, in light of better-than-expected results across its
regions in the third quarter and the start of the fourth quarter it
has upgraded guidance.
Carlsberg now expects 2021 organic growth in operating profit of
between 10% and 12%, from 8%-11% previously, while the negative
currency impact on operating profit is seen around DKK100 million,
from a negative impact of DKK150 previously.
The reported effective tax rate is expected to be around 24%,
from around 25%.
For the third quarter, Carlsberg reported revenue of DKK19.74
billion versus the DKK19.31 billion expected by a company-compiled
consensus. Total beverage volumes rose 5.8% to 41.8 million
hectoliters.
"We're satisfied with the value and volume growth in 3Q,
resulting in a solid 7% organic revenue growth," Chief Executive
Cees 't Hart said.
"It is encouraging that many beer markets in Europe are
recovering from the pandemic, giving people the opportunity to
socialise," he said.
The company said it will launch the fourth quarterly
share-buyback program for 2021, amounting to DKK1.25 billion.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 27, 2021 10:54 ET (14:54 GMT)
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