Royal Unibrew rises on 2024 EBIT outlook hike, despite soft Q2

Royal Unibrew A/S

23/08/2024 09:14

** Shares in Royal Unibrew  RBREW.CO  rise 3% after the
Danish brewer lifted the bottom end of its 2024 EBIT guidance
range on Thursday, softening the hit from weaker than expected
Q2 results
    ** It sees full-year organic EBIT growth of 14-19% vs
previous range of 9-19%
    ** "The narrowing of the full-year EBIT guidance range ...
could reinforce confidence around delivery potential following a
slower Q2," Jefferies says
    ** Q2 revenue was DKK 4.18 billion ($622.78 million),
missing the IBES estimate of DKK 4.31 billion, while Q2 EBIT of
DKK 656 million was also below expectations of DKK 674.7 million
    ** J.P.Morgan says that while the soft Q2 performance is
disappointing, it was also somewhat expected given that peers,
such as Carlsberg  CARLb.CO  and Heineken  HEIN.AS , also missed
expectations

($1 = 6.7118 Danish crowns)

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