World: Carlsberg shares surge on full-year earnings outlook upgrade
Carlsberg A/S surged the most in a decade after the Danish brewer raised its full-year earnings outlook, helped by demand for its pricier craft beers, Bloomberg reported on August 8.
Following an initial focus on cutting costs, Chief Executive Officer Cees ’t Hart is switching gears to drive more revenue from more exclusive beer brands such as Grimbergen. The shares rose as much as 12% on August 8 in Copenhagen, their biggest intraday gain since 2009. Budweiser maker Anheuser-Busch InBev NV gained as much as 2.3%.
As demand for mass-market lagers slows in the developed world, Carlsberg has sought more growth from its specialty and craft division that includes London Fields brews, acquired two years ago, and Jacobsen ales. Investments in countries such as Cambodia have also brought more control over sales and marketing in emerging markets.
The strategy is working: the company said it now sees organic operating profit rising at a high single-digit percentage rate, after previously forecasting growth in the mid-single-digits. Carlsberg joins AB InBev in reporting a positive performance, in contrast to rival Heineken NV, which lagged behind in the most recent period.
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