Carlsberg Upgrades Guidance After 3Q Revenue Beat -- Earnings Review

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 [e-mail]

(END) Dow Jones Newswires

10-28-20 0941ET