Heineken’s (HEIA) shares fell 4.8% Wednesday in Amsterdam after the company posted worse-than-expected organic revenue growth for the full fiscal 2023.
For the FQ4 2023, the firm reported a total volume of 59.4 million hectoliters, marking a 6.2% decline year over year, missing the consensus estimates of 62.57 million.
Looking at the results for the entire year, Heineken (AS:HEIN)'s adjusted earnings per share (EPS) were €4.67, below the anticipated €4.81.
The company's organic revenue growth was recorded at 5.5%, also under the expected 5.83%.
Net revenue for the year stood at €30.31 billion, showing a 5.6% increase YoY and slightly surpassing the €30.28 billion estimate.
The adjusted operating margin remained in line with forecasts at 14.7%.
"Looking to 2024, we remain cautious about the global economic and geo-political outlook. Our focus going forward will be on revenue growth, balanced between volume and value, by continuing to invest behind our brands, innovations, commercial capabilities, and route-to-consumer to deliver long-term sustained value creation," said Heineken CEO Dolf van den Brink.