LONDON (Reuters) -Dutch brewer Heineken reported annual profit growth on Wednesday that exceeded both forecasts and its own outlook, citing growth in its portfolio of premium-priced beers.
Heineken, the world’s second-largest brewer, saw an 8.3% increase in annual organic operating profit, surpassing analysts’ forecast of 5.3% and exceeding its own expectations of up to 8%.
The company announced a 1.5-billion-euro ($1.55 billion) share buyback programme spanning two years.
“We delivered solid results with broad-based growth and profit expansion,” CEO Dolf van den Brink said in a statement.
The profit beat will further reassure investors who have levelled criticisms at Heineken for both over- and under-promising with its outlook in recent years, and for volatility in its results.
Heineken forecast operating profit to expand between 4% and 8% in 2025. Analysts, on average, expect an annual growth of 5.8%.
Its fourth-quarter volumes and revenue grew 1.8% and 4.7%, respectively, on an organic basis, compared with analysts’ estimate for a 0.3% and 3.3% growth.
($1 = 0.9654 euros)
(Reporting by Emma Rumney; Editing by Tom Hogue and Sherry Jacob-Phillips)
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