Royal Unibrew falls after it narrows EBIT guidance

Royal Unibrew A/S

08/11/2023 11:36

** Shares in Royal Unibrew  RBREW.CO  slump 10% to
eight-month lows after the Danish brewer narrowed its EBIT
guidance and reported Q3 results below estimates
    ** It maintained full-year outlook for net revenue but
narrowed its EBIT range to DKK 1,600-1,700 million from a
previous one of DKK 1,600-1,750 million
    ** Q3 revenue was DKK 3,336 million, below IBES estimate of
DKK 3,503 million, while quarterly EBIT of DKK 507 million also
fell short of the IBES estimate of 544.25 million
    ** J.P.Morgan says the miss was driven by an 8% organic
decline in volumes, while consensus had expected a 1.6% decline,
with all regions contributing to the miss
        ** "Overall, while recent reporting from peers had shown
softer than expected European volumes during Q3, in our view
such a magnitude of decline was not expected and we would expect
this to continue weigh on the shares today," JPM says
  
    
    

 (Reporting by Elviira Luoma)
 ((elviira.luoma@thomsonreuters.com))