Following a surprisingly strong first quarter, analysts were expecting Heineken to continue to rebound from a rocky 2023 in Q2. With big summer sporting events on the continent like the European Football Championship and the Paris Olympics expected to drive demand for alcoholic beverages, sales and revenue were penciled in for significant growth.
But while Monday’s earnings report showed sales and revenue were up from last year, the boost wasn’t nearly as big as analysts were anticipating. As shares on Monday tumbled more than 10%, the company said rain was partly to blame for the letdown.
