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