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Dow Jones Newswires: Heineken shares tumble on cautious outlook, shortfall in beer volumes growth

Heineken NV Wednesday backed full-year guidance after posing a 20% rise in third-quarter net revenue following a sharp post-COVID recovery in Asia Pacific.

The Dutch brewer
HEIA,
-7.78%

HEIO,
-7.41%

said that net revenue–that excludes excise tax expenses–rose to 7.79 billion euros ($7.76 billion) in the quarter from EUR6.03 billion last year. A company-compiled consensus forecast had seen net revenue at EUR7.88 billion.

Total organic beer volumes rose 8.9% in the quarter. For the first nine months of the year, beer volumes rose 8.1%.

In the nine-month period, net revenue rose 23% to EUR21.27 billion while net profit fell to EUR2.2 billion from EUR3.03 billion. Net profit last year was boosted by an exceptional gain of EUR1.27 billion from the revaluation of a stake in United Breweries in India.

“Our business delivered solid results in the third quarter across all regions, and in particular Asia Pacific,” Chairman and Chief Executive Dolf van den Brink said.

“We increasingly see reasons to be cautious on the macroeconomic outlook, including some signs of softness in consumer demand.”

The company said it maintains its efforts to offset input cost inflation with pricing.

For 2022, the company backed its guidance to achieve a stable-to-modest sequential improvement in adjusted operating profit margin.

Write to Dominic Chopping at dominic.chopping@wsj.com

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