Heineken NV (OTC:HEINY) clocked revenue growth of 7.2% Y/Y in the first quarter of FY24 to 8.18 billion euros, driven by volume growth of 4.3% Y/Y and net revenue (beia) per hectolitre increase of 4.9% Y/Y.
Beer volume increased 4.7% organically Y/Y on growth across all regions, a sequential improvement in the performance of the business, boosted by calendar and one-off effects.
Beer volume came ahead of the company-provided market expectations of 2.5%, reported WSJ.
In particular, the Americas and Europe regions benefitted from the earlier timing of Easter and the Africa & Middle East.
Also, the Asia Pacific regions gained from a soft comparable base last year due to one-off effects in Vietnam and Nigeria.
Also Read: Cheers To No Cheers: Heineken Closes Russian Operations, Takes €300M Loss
Outlook: The company continues to expect FY24 operating profit (beia) to grow organically by a low- to high-single-digit and net profit (beia) organic growth to be lower than the operating profit (beia) organic growth.
Price Action: HEINY shares were trading higher by 1.39% at $49.71 at the last check Wednesday.
Photo: Engin Akyurt from Pixabay