Carlsberg A/S increased its annual profit forecast after posting better than expected sales in the first half.
The maker of Tuborg and its namesake beer now expects annual operating profit growth of 4% to 7%. That compares to previous guidance of -2% to 5% and analyst consensus estimates of 5.8%.
The Danish brewer said it posted first half organic revenue growth of 11.2%, beating consensus estimates of 11% growth.
Brewers are struggling to keep consumers drinking their premium suds after implementing the biggest price hikes in decades to offset higher input costs for everything from grains to freight and aluminum. Carlsberg’s bigger rival Heineken NV cut its profit forecast this month after drinkers switched to cheaper beer in some markets.
The company also said it would start a 1 billion Danish kroner ($146 million) share buyback beginning tomorrow.
