By Adria Calatayud
Carlsberg AS on Wednesday raised its earnings guidance for 2021 after posting first-half net profit and revenue that beat expectations as it recovered from the hit caused by the pandemic last year.
The Copenhagen-based brewer said the strength of its first-half results enabled it to upgrade its guidance and to launch a new share buyback. It now expects organic growth in operating profit within the range of 8% to 11%, up from its previous range of 5% to 10%.
The company said it will launch its third quarterly share-buyback program, amounting to one billion Danish kroner ($157.4 million), in line with its buyback for the second quarter.
"Although we see a gradual return to a more normal environment in markets across Europe, other markets, particularly in Asia, remain subject to severe restrictions due to new waves of the infection," Chief Executive Cees't Hart said.
For the first six months of the year, Carlsberg made a net profit of DKK3.03 billion, compared with DKK2.86 billion a year earlier. Analysts had expected a net profit of DKK2.97 billion, according to consensus estimates provided by the company.
Revenue for the first half increased to DKK31.69 billion from DKK28.83 billion, it said. Analysts had forecast revenue at DKK30.97 billion.
Total organic volumes grew 10% in the first half, and were up 8.8% in the second quarter, it said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
08-18-21 0242ET
