Carlsberg profits miss estimates
Carlsberg reported second-quarter profit that missed estimates as unseasonably wet weather stunted sales in Europe and the company increased advertising spending.
Earnings before interest, tax and some one-time items fell 6.1 per cent to 3.47 billion kroner (€465 million), the Copenhagen-based company said.
That compares with the average estimate of 13 analysts surveyed by Bloomberg for 3.9 billion kroner.
On an organic basis, which excludes the effect of currency fluctuations and acquisitions, it was a 9 per cent decline.
Revenue on the same basis rose 2 per cent as the brewer raised prices.
Total revenue rose 4.5 per cent to 19.59 billion kroner.
"Carlsberg achieved positive market share growth in all three regions," Joergen Buhl Rasmussen, Carlsberg's chief executive officer, said in the statement.
"Sales and marketing investments were more skewed towards the first half of this year which, combined with the very bad weather in Northern and Western Europe, impacted profits for the first six months".
Carlsberg owns Baltika, the biggest brewer in Russia. The brewer reiterated its full-year forecast.
The brewer got 39 per cent of profit from its eastern Europe unit last year, and 49 per cent from northern and western Europe.