Carlsberg 1Q Revenue, Volumes Beat Consensus on Asia Strength -- Earnings Review

04/28/2021 | 06:39am

By Dominic Chopping

Carlsberg A/S reported on its first-quarter trading on Wednesday. Here's what we watched:

REVENUE: 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 doesn't disclose any further financial information in its quarterly trading statements.

WHAT WE WATCHED:

VOLUMES: 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.

GUIDANCE: 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.

RETURNS: 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.

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

(END) Dow Jones Newswires

04-28-21 0638ET

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