Heineken shares rise after in-line Q3 results

Investing.com -- Shares of Heineken Holding N.V (AS:HEIN ) (AS:HEIO ). edged higher with its third-quarter results that came in largely in line with expectations, signaling a sense of stability after a period of volatile reporting. 

At 3:35 am (0735 GMT), Heineken Holding N.V was trading 1.4% higher at €66.85.

The company’s organic revenue growth of 3.3% matched consensus estimates, which had been adjusted downward in recent weeks. 

Despite long-term challenges, the reaffirmed guidance for operating profit growth of 4%-8% for the year.

Heineken’s quarterly performance across its regional markets was steady, with the Africa and Middle East division delivering 23.1% growth, though this was tempered by a 20% hit from currency impacts, reducing the broader significance of this figure. 

Nonetheless, the company’s overall results were described as broadly in line with expectations.

In the latter half of the year, Heineken will ramp up marketing investment, the company said in a statement.

“We believe Heineken needs to step up investment given its premium portfolio and price increases ahead of peers,” said analysts at RBC Capital Markets in a note. 

Source: Investing.com