Carlsberg Raises Guidance Range, Launches New Buyback; 1Q Revenue Beat Views
April 28 2021 - 3:19AM
Dow Jones News
By Dominic Chopping
Carlsberg AS on Wednesday raised the lower end of its guidance
range and launched a new, larger buyback program after posting
forecast-beating first-quarter revenue and volumes.
The Copenhagen-based brewer generated revenue of 12.99 billion
Danish kroner ($2.11 billion) for the quarter, against DKK12.86
billion expected in a FactSet poll and compared with DKK12.95
billion in a year earlier.
Carlsberg said that first-quarter volumes rose to 30.3 million
hectoliters from 26.9 million a year earlier, beating a FactSet
forecast of 27.7 million hectoliters.
"The group had a strong start to the year in Asia and Central
and Eastern Europe, while Western Europe was significantly impacted
by the extensive lockdowns and restrictions across the region,"
Chief Executive Cees 't Hart said.
"With Covid-19 continuing to be a challenge in many of our
markets, our geographical exposure showed its strength, as strong
volume growth in several markets across all three regions more than
offset challenging circumstances in other markets," he said.
The brewer proposed a new share-buyback program of up to DKK1
billion to run until Aug. 13, after completing the first quarter's
DKK750 million program.
Carlsberg said it now expects to deliver between 5% and 10%
organic growth in operating profit this year, from 3%-10%
previously. The company said it forecasts a negative currency
translation impact on operating profit of around DKK250 million,
from DKK200 million previously.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 28, 2021 03:04 ET (07:04 GMT)
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