Danish brewer Carlsberg has lifted its profit guidance for the full year after a 'solid business performance' in the first half of the year.
The world's third-biggest brewer said it now expects organic operating profit growth this year of between 4% and 7%, versus a previous range of minus 2% to plus 5%.
'Based on solid business performance year to date and our expectations for the remainder of the year, we are upgrading our full-year earnings expectations for 2023,' the company said in a statement.
Its previous guidance, issued on 27 April 2023, for organic operating profit growth ranged between minus 2% to plus 5%.
The Copenhagen-based company said volumes in the January to June period grew 0.8% organically, while organic sales grew 11%. Organic operating profit grew by 5.2% in the period.
Carlsberg is due to publish a full set of first-half financial results on 16 August.
First-Quarter Results
In April, the brewer reported first-quarter sales above expectations and narrowed its profit expectation for the full year as it managed to increase beer prices to cover rising costs.
Sales stood at DKK 16.4 billion (€2.2 billion) in the first three months of the year, compared with DKK 15.9 billion forecast by analysts in a poll gathered by the company.
At the time, chief executive Cees 't Hart said, "The first quarter of the year showed a strong improvement in revenue per hectolitre, covering the significant increase in our cost base."
In March, Carlsberg announced the appointment of the leader of services provider ISS, Jacob Aarup-Andersen, as its new chief executive.
Aarup-Andersen will take over from Cees 't Hart, who declared his intention to retire at the end of September.
Article by Reuters, additional reporting by ESM
