Royal Unibrew rises on 2024 EBIT outlook hike, despite soft Q2
** Shares in Royal Unibrew RBREW.CO rise 3% after the Danish brewer lifted the bottom end of its 2024 EBIT guidance range on Thursday, softening the hit from weaker than expected Q2 results
** It sees full-year organic EBIT growth of 14-19% vs previous range of 9-19%
** "The narrowing of the full-year EBIT guidance range ... could reinforce confidence around delivery potential following a slower Q2," Jefferies says
** Q2 revenue was DKK 4.18 billion ($622.78 million), missing the IBES estimate of DKK 4.31 billion, while Q2 EBIT of DKK 656 million was also below expectations of DKK 674.7 million
** J.P.Morgan says that while the soft Q2 performance is disappointing, it was also somewhat expected given that peers, such as Carlsberg CARLb.CO and Heineken HEIN.AS, also missed expectations
($1 = 6.7118 Danish crowns)
Reporting by Elviira Luoma
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