Diageo : FY 23-24e results slightly below expectations; ambiguous guidance could prompt more realistic stance from consensus
>FY 23-24 results slightly lower than expected - Group 23-24 revenues came in at € 20.269bn, in line with expectations. This shows a decline of 1.4% with -0.6% in organic terms (volumes at -3.5% and price/mix at +2.9%) while the consensus forecast flat revenues l-f-l.The EBIT margin came to 29.3%, a deterioration of c. 140bp vs css at 29.5% and c. -120bp. The main culprit was an unfavourable geomix, with a more marked decline in revenues in North and Latin Americ...Diageo is a premium drinks business based in the United Kingdom. Co. is engaged in producing and distributing spirits, beer and wine. Co.'s operations include producing, distilling, brewing, bottling, packaging, distributing, developing and marketing of a range of brands. The brands that it produces and distributes include Smirnoff vodka, Johnnie Walker scotch whisky, Baileys Original Irish Cream liqueur, Captain Morgan rum, J&B scotch whisky, Tanqueray gin and Guinness stout. In addition, Co. also has the distribution rights for the Jose Cuervo tequila brands in North America and other countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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