Heineken Backs Guidance Despite Disappointing Sales

By Michael Susin

Heineken backed its full-year guidance after quarterly revenue rose below market expectations but volumes improved.

The Dutch brewer on Wednesday said it continues to expect adjusted operating profit, which strips out exceptional and other one-off items, to grow organically in the low- to high-single-digit percentage range in 2024. The company continues to expect adjusted net profit organic growth to be lower than adjusted operating profit organic growth.

For the first three months of 2024, Heineken's revenue came in at 8.18 billion euros ($8.75 billion) compared with EUR7.63 billion a year earlier. On an adjusted basis, revenue rose to EUR6.85 billion from EUR7.63 billion, missing the company-provided market consensus estimate of 6.94 billion.

Beer volume grew 4.7% organically on year compared with market expectations of 2.5%.

The company didn't disclose net profit figures.

Write to Michael Susin at michael.susin@wsj.com