Heineken Profit Misses Expectations After Pricing Hurt Volumes
By Michael Susin
Heineken said net profit fell by more than expected after higher pricing hurt its volumes in some regions.
The Dutch brewer said net profit was 2.30 billion euros ($2.46 billion) in 2023 compared with EUR2.68 billion a year earlier and expectations of EUR2.50 billion, according to a consensus forecast provided by the company and based on the estimates of 22 brokers.
Consolidated beer volumes--which includes Heineken and more than 300 other brands such as Amstel, Red Strip, Sol or Desperados--decreased 4.7% organically, worse than market expectations of a 4.3% decline. Volumes of the Heineken brand grew by 2.5%.
"After a strong 2022, 2023 proved to be challenging. Strong pricing to offset very high input and energy cost inflation and volatile macro-economic conditions in some key markets affected our volume momentum," it said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
February 14, 2024 01:31 ET (06:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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