Beverage company Diageo’s earnings for the first half of the year beat analysts’ expectations.
The company’s adjusted earnings plunged almost -13% year-over-year to 69 (73 cents) per share, but surpassed the 67.8 pence analysts had expected. Higher operating costs and a stronger pound affected earnings.
The result was bolstered by strong demand in North America, with 80% of its sales coming from retail stores.
There was a +1% increase in organic net sales growth for the six months to Dec. 30, compared to a drop of -4.6% that analysts had expected.
While the company did not issue any specific annual sales guidance, it mentioned that it expected organic operating profit growth in the second half would be ahead of organic net sales growth in all regions, except in North America.
The company’s adjusted earnings plunged almost -13% year-over-year to 69 (73 cents) per share, but surpassed the 67.8 pence analysts had expected. Higher operating costs and a stronger pound affected earnings.
The result was bolstered by strong demand in North America, with 80% of its sales coming from retail stores.
There was a +1% increase in organic net sales growth for the six months to Dec. 30, compared to a drop of -4.6% that analysts had expected.
While the company did not issue any specific annual sales guidance, it mentioned that it expected organic operating profit growth in the second half would be ahead of organic net sales growth in all regions, except in North America.