Danish brewer Carlsberg has revised its annual profit growth outlook upwards, saying that it now expects organic operating profit to rise by approximately 10% versus a previous forecast for a "high single-digit" percentage increase.
The world's third biggest brewer cited solid earnings in its major markets Western Europe and China, which it said more than offset weakness in Russia, its second largest market.
"We are very pleased to be able to deliver a second upgrade this year due to solid earnings performance in Western Europe and China," Carlsberg's chief executive, Cees 't Hart, said in a statement.
In August, Carlsberg had increased its profit expectations for 2019 after strong first-half sales and an improvement in operating margins.
"More Traction"
The latest upgrade to the group's profit guidance contrasts with profit warnings by rivals Anheuser-Busch InBev and Heineken following slow sales in their main markets.
"Investment in the brand and its premiumisation drive has more traction in Carlsberg than some of its rivals," Handelsbanken analyst Frans Hoyer told Reuters.
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