CABGY Carlsburg AS (PK)

   By Dominic Chopping 
 

Carlsberg AS on Wednesday raised the lower end of its guidance range and launched a new, larger buyback program after posting forecast-beating first-quarter revenue and volumes.

The Copenhagen-based brewer generated revenue of 12.99 billion Danish kroner ($2.11 billion) for the quarter, against DKK12.86 billion expected in a FactSet poll and compared with DKK12.95 billion in a year earlier.

Carlsberg said that first-quarter volumes rose to 30.3 million hectoliters from 26.9 million a year earlier, beating a FactSet forecast of 27.7 million hectoliters.

"The group had a strong start to the year in Asia and Central and Eastern Europe, while Western Europe was significantly impacted by the extensive lockdowns and restrictions across the region," Chief Executive Cees 't Hart said.

"With Covid-19 continuing to be a challenge in many of our markets, our geographical exposure showed its strength, as strong volume growth in several markets across all three regions more than offset challenging circumstances in other markets," he said.

The brewer proposed a new share-buyback program of up to DKK1 billion to run until Aug. 13, after completing the first quarter's DKK750 million program.

Carlsberg said it now expects to deliver between 5% and 10% organic growth in operating profit this year, from 3%-10% previously. The company said it forecasts a negative currency translation impact on operating profit of around DKK250 million, from DKK200 million previously.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 28, 2021 03:04 ET (07:04 GMT)

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