Carlsberg First-Quarter Profit Soars, Beats Consensus

Danish brewer Carlsberg posted a first-quarter operating profit of 402 million Danish crowns, ($73.18 million) up 384% from a year earlier.

Market expectations were for an operating profit of 141 million Danish crowns according to a survey of analysts by RB Boersen.

First-quarter net sales were up 14% from a year earlier at 8.863 billion Danish crowns.

"Based on better-than-expected progress in the business in the first quarter, particularly in BBH, and continuing positive outlooks for the rest of the year, Carlsberg is adjusting its expectations for 2007 upwards," the group said.

The operating profit outlook for the full-year 2007 is upgraded to approximately 4.7 billion Danish crowns, versus a previously forecast 4.5 billion Danish crowns, and the increase in net sales is seen at approximately 7%, versus previously 5%, Carlsberg said.

Progress in Western Europe and Baltika holding company BBH accounted for the majority of the overall increase in first-quarter operating profit, Carlsberg said, adding that Eastern Europe excluding BBH also showed progress while earnings were lower in Asia.