By Anthony O. Goriainoff
Heineken reported results for the first half of 2023 on Monday. Here is what you need to know:
NET REVENUE FORECAST: Revenue for the period rose to 17.44 billion euros ($19.22 billion) from EUR13.49 billion, beating consensus forecasts of EUR14.91 billion, based on four analysts’ estimates taken from FactSet.
NET PROFIT: Net profit for the first half was EUR1.16 billion, compared with EUR1.27 billion in the year-prior period. Net profit had been expected to come in at EUR1.31 billion, according to one analyst’s estimate, taken from FactSet. The company said this was mostly due to lower volumes in the profitable Asia Pacific region.
WHAT WE WATCHED:
–GUIDANCE: Heineken cut its full-year outlook and said it now expected adjusted operating profit growth between zero and a mid-single digit this year. It had previously guided for a mid- to high-single-digit rise.
–BEIA NET PROFIT: BEIA net profit–one of Heineken’s preferred metrics–fell 12% to EUR1.15 billion. BEIA stands for before exceptional items and amortization of acquisition-related intangible assets. Company-compiled BEIA net profit consensus for the period was EUR1.25 billion.
Write to Anthony O. Goriainoff at [email protected]
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