Mexico's Becle shares surge after profit rises fourfold
The Jose Cuervo maker posted a fourfold rise in second-quarter profit on Wednesday, bolstered by foreign currency exchange gains even as thirst for its spirits dipped in its largest market.
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Reuters
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- Reuters
Portugal's EDP raises 2025 targets after solid first half
LISBON, July 31 (Reuters) - Portugal's largest utility EDP ( opens new tab raised 2025 profit targets on Thursday after first-half earnings improved thanks to cost savings and higher electricity generation. EDP said it expected to make recurring net profit, which excludes capital gains on the sales of assets, of between 1.2 billion euros and 1.3 billion euros ($1.4-1.5 billion) this year, up from the previously estimated 1.2 billion euros. Recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 would be around 4.8 billion to 4.9 billion euros, up from previous guidance of 4.8 billion euros. EDP shares were little changed in early trading. "We had a good first half with solid (recurring) results, in operational terms ... with efficiency gains and cost reductions and this allowed us to improve our guidance for this year," Chief Executive Miguel Stilwell de Andrade told Reuters. In the first half, EDP's recurring net profit rose 27% to 752 million euros, and recurring EBITDA increased 7% to 2.6 billion euros. EDP said that total electricity generation increased 12% to 34.6 terawatt-hours, sustained by high rainfall in the Iberian peninsula, which filled reservoirs to 87% of their capacity, and by natural gas power plants. It said that after the major power outage in Spain and Portugal on April 28 production from gas plants was prioritised to strengthen the resilience of the electricity grid. The CEO said that for large grid investments needed in Iberia to materialise "it is crucial that regulators in Portugal and Spain, in their upcoming reviews, increase the rates of return on this asset base". He said the rates of return were now around 5.6% in both countries, but should be increased "to more reasonable levels", in line with other European countries where investments are rewarded with returns as high as 7.5%. As of June, EDP's installed capacity was 32.3 gigawatts, 11% more than a year earlier. ($1 = 0.8733 euros)
Reuters
24 minutes ago
- Reuters
Gillette India's quarterly profit rises on grooming products demand
July 31 (Reuters) - Gillette India ( opens new tab reported a 25.6% increase in profit for the quarter ended June 30 on Thursday, helped by robust demand for its grooming products. The Procter & Gamble (PG.N), opens new tab-owned company, known for its razors and shaving creams, reported 1.46 billion rupees ($16.7 million) in profit, compared with 1.16 billion rupees in the same period a year earlier. Gillette India is getting a boost from rising demand for its latest grooming gear, as self-care becomes mainstream. Sleek upgrades like the Gillette Guard and elevated Mach 3 razors are gaining traction, with strong interest in premium products adding a lift to its revenue. The company said in June that consumers are prioritising value over cost, showing a growing willingness to spend more on products that deliver superior performance. Revenue from its mainstay grooming segment, which produces razors and accounts for over 80% of the company's total revenue, increased 11% to 5.77 billion rupees during the reported quarter. Meanwhile, revenue from its smaller segment, oral care, rose 3.3%. The company's revenue from operations rose 9.5% year-on-year to 7.07 billion rupees, while total expenses rose 4.7%, led by a 19.4% growth in advertising and sales promotion expenses. Gillette India's shares rose 2.2% to 10,871 rupees in Mumbai. ($1 = 87.5525 Indian rupees)
Reuters
24 minutes ago
- Reuters
AB InBev shares slide on concern over sales volumes
LONDON, July 31 (Reuters) - Beer giant Anheuser-Busch InBev ( opens new tab said on Thursday its second quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and hitting its shares. The world's largest brewer by sales said volumes fell 1.9% in the three months to end-June, versus analyst expectations for a 0.3% decline. Rival Heineken ( opens new tab also sounded cautious about volumes on Monday, citing tariff uncertainties. At 0745 GMT, AB Inbev shares were down 8.4% at 53.26 euros. The maker of Corona and Stella Artois beers did report revenue and profit growth, however, with the latter ahead of forecasts at 6.5%. The company said its performance showed the resilience of its strategy in what CEO Michel Doukeris described as a "dynamic" operating environment. AB InBev has in recent quarters consistently outperformed expectations on profits and increased revenues by getting drinkers to pay more for its beers. But it, and other top brewers, have struggled to get volumes growing. Heineken said that U.S. tariff threats had hit consumer confidence and dented beer sales both in the U.S. and elsewhere in the Americas - key regions for AB InBev. But AB InBev did not mention trade tensions in its statement, putting soft industry sales in markets like Mexico down to poor weather. Heineken warned its volumes could be softer for the remainder of the year, helping send its shares over 8% lower. Some investors may also have been expecting a share buyback from AB InBev, even though the brewer has historically announced these in the third quarter, analysts said. A 9% volume decline in Brazil, one of AB InBev's largest markets where it said it underperformed the industry, was the biggest drag on overall volumes. The brewer also cited bad weather there. In China, where AB InBev has been struggling to keep pace with growth at rivals, its volumes fell 7.4%. Despite the volume miss and share reaction, RBC Capital Markets analyst James Edwardes Jones said the results were "not terrible". He and others flagged bright spots, including a better-than-expected performance in North America.
