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The Star
4 days ago
- Business
- The Star
Carlsberg half-year profits miss expectations, warns of tough year
LONDON/COPENHAGEN: Carlsberg missed half-year profit and volume forecasts on Thursday and warned it did not expect the consumer environment to improve in the rest of 2025, sending the Danish brewer's shares down almost 7% in early trading. The latest report by the world's third-largest brewer - behind Anheuser-Busch InBev and Heineken - was received with similar pessimism to those of its rivals in recent weeks as investors sent shares declining. While Carlsberg, which makes Kronenbourg 1664, Tuborg and Somersby, raised the bottom end of its annual profit guidance, that did not offset slower-than-expected first-half operating profit growth of 2.3%, and a 1.7% decline in volumes. CEO Jacob Aarup-Andersen said on a media call that the brewer's performance was strong in a difficult year, and that it anticipated slightly better volume growth in the second half. Still, he wasn't optimistic on consumer spending, which was being reined in by price increases and uncertainty, adding: "There is no indication as we move into the second half that that's going to change." Big brewers have been battling reduced demand, the impact of U.S. tariffs and poor weather, and their weak performance or volume expectations have left investors fretting over growth prospects. Carlsberg's shares were down 5.8%, after earlier falling as much as 6.7%, its steepest decline since July 2024. Haider Anjum, analyst from Jyske Bank, said he was surprised by the share price reaction, given Carlsberg's relatively strong performance. But Laurence Whyatt, analyst at Barclays, said the market had been "punishing volume misses" like Carlsberg's, which was driven by a weaker-than-expected performance in Asia. OPTIMISM FADES As well as temporary challenges, brewers also face questions around longer-term shifts, such as some consumers cutting back on alcohol for health reasons. Altogether, these issues have dampened earlier optimism around the sector. Carlsberg had also pledged to deliver revenue growth of between 4% and 6% annually each year until 2027, but Aarup-Andersen told investors on a call that in a year like 2025, that may not be "fully realistic." While it narrowed its expectations for annual operating profit growth to 3% to 5%, compared with 1% to 5% before, analysts said they were already expecting 4%. ($1 = 6.3777 Danish crowns) - Reuters
Reuters
31-07-2025
- Business
- Reuters
Freight group DSV operating profit misses forecast as road business weakens
COPENHAGEN, July 31 (Reuters) - Global freight company DSV ( opens new tab reported quarterly operating profit before special items slightly below expectations on Thursday as its road business underperformed due to weaker conditions in the United States and some markets in Europe. Chief Financial Officer Michael Ebbe also said that trade tensions remained as communications around tariffs in particular contributed to volatile markets. "Whenever it's announced that there will be tariffs, then you can say there is a stop and go in the trade flows," he told Reuters. "What is good now is that we get more and more certainty about the tariffs... It gives the investors and the companies some comfort and also some certainty as to how we have to operate in the future," he added. The world's largest logistics company posted a second-quarter operating profit before special items of 4.73 billion Danish crowns ($725 million), slightly below the 4.85 billion crowns expected by 19 analysts in a company-provided poll. Shares in DSV were down 1.7% by 1000 GMT. DSV kept its outlook for an operating profit before special items this year of between 19.5 billion and 21.5 billion crowns. It also still expects annual synergies from its acquisition of Schenker, the logistics arm of Germany's Deutsche Bahn, of around 9 billion crowns ($1.4 billion) by the end of 2028. While the company said the integration of Schenker was off to a strong start, Jyske Bank analyst Haider Anjum said the market had expected an even faster process as with previous acquisitions, causing DSV shares to slide. "The reason why you can't do it (quick integration) this time is that the acquisition of DB Schenker is significantly larger than previous acquisitions and there is a lot more to get a handle on," Anjum said. ($1 = 6.5263 Danish crowns)
