Heineken shares slide as big sports events fail to fizz up sales

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STORY: Few investors liked the taste of Heineken on Monday (July 29), as its shares fell 7% in early trade.

They were put off as the Dutch brewer's results missed analyst estimates for the first half of the year.

The firm reported a 12.5% rise in operating profit, less than expected.

It blamed poor weather in June and July, and said it didn't see a hoped-for boost from sporting events.

Company executives argued the firm's first-half performance was solid and raised profit guidance for this year.

Heineken now expects to deliver organic operating profit growth of between 4 and 8%.

Investors were eager for the company to update its guidance.

They were disappointed earlier this year by a wide-ranging outlook for growth, which drew criticism for being overly cautious.

The world's second-largest brewer - which makes brands like Tiger and Sol - also faced a $948 million impairment charge related to partner China Resources Beer.