Dive Brief:
- Heineken reported disappointing earnings for its third quarter, but said the results were based on short-term issues and reiterated its annual sales forecasts.
- The world's third-largest brewer said revenue in the quarter rose just 0.2% from a year earlier, but analysts expected a rise of 1.5%. Beer volume fell 0.2%, though analysts forecasted a 0.5% growth.
- Heineken's eponymous brand is the top-selling beer in Europe. The company blamed the poor quarterly numbers of a drop in beer sales due to unseasonably wet weather, which cut into beer consumption.
Dive Insight:
Bad news in Europe is very bad news for Heineken. Sales on the home continent are key to the brewer, which usually faces tougher competition outside of Europe.
Asia was the bright spot in its most recent quarter. Shipments there rose 8.7%, driven by Heineken's Tiger brand.