Dive Summary:
- Heineken announced its second-quarter earnings results Wednesday, blaming undesirable spring weather in Europe as its first-half group beer volume dropped 3% and profits only hit 679 million euros ($911 million), which was down from 688 million euros during the same period a year earlier.
- Some analysts had predicted low, single-digit organic growth from the Amsterdam-based brewer this year, but these latest results now have the company expecting organic growth to be flat.
- Heineken had better news for its first-half results in emerging international markets, however, with operating profits in those areas up 7%.
From the article:
... The brewer, which makes beverages including Amstel and Sol, is seeking to expand in regions outside western Europe. Last year, it bought a joint-venture partner’s stake in Asia Pacific Breweries for S$5.6 billion ($4.4 billion) to gain control over a business stretching across markets including Vietnam. ...