earnings, tariffs and data in focus
Carlsberg posts ‘soft’ start to the year on weak consumer spending
Brent Lewin| Bloomberg | Getty Images
Danish brewer Carlsberg on Tuesday reported a “soft” start to the year, as weak consumer spending and the loss of its San Miguel license weighed on demand.
First-quarter revenue came in at 20.1 billion Danish kroner ($3.06 billion) versus the 19.5 billion Danish kroner estimated by analysts in an LSEG poll. Sales were driven primarily by the group’s premium beer brands — excluding San Miguel — alcohol-free brews and Beyond Beer products.
Carlsberg said the loss last year of its exclusive license partnership to produce and distribute San Miguel had negatively impacted first-quarter sales.
“It was a soft start to the year, impacted by the loss of the San Miguel brand and continued subdued consumer spending in an environment with increased macroeconomic volatility,” CEO Jacob Aarup-Andersen said in a statement.
The brewer nevertheless maintained its 2025 full-year guidance for operating profit growth of 1% to 5%, and said that its acquisition of British soft drinks maker Britvic was expected to boost operating profit to the tune of £250 million ($335 million) this year.
— Karen Gilchrist
Oil giant BP posts 49% drop in first-quarter profit on weaker crude prices
British oil giant BP posted slightly weaker-than-expected first-quarter net profit, following a recent strategic reset and a slump in crude prices.
The beleaguered oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $1.38 billion for the first three months of the year. That missed analyst expectations of $1.6 billion, according to an LSEG-compiled consensus.
BP’s net profit had hit $2.7 billion a year earlier and $1.2 billion in the final three months of 2024.
— Sam Meredith
Adidas profits soar but tariffs cloud outlook, says U.S. prices will increase
A customer shops in an Adidas store on April 4, 2025 in Miami, Florida.
Joe Raedle | Getty Images
Germany’s Adidas announced a 155% jump in first-quarter profit, as the sportswear giant confirmed its U.S. prices would increase as a result of tariffs.
Net income from continuing operations rose to 436 million euros ($496.5 million), above the 383 million euros forecast in an LSEG-compiled consensus, as net sales climbed 12.7% to 6.15 billion euros.
“In a ‘normal world’ with this strong quarter, the strong order book and in general a very positive attitude towards adidas, we would have increased our outlook for the full year both for revenues and operating profit. The uncertainty regarding the US tariffs has currently put a stop to this,” the company said in a statement.
Adidas share price.
It added that it was “somewhat exposed” to “currently very high tariffs” on China, but was hit hardest by general increases in U.S. tariffs from all other countries because it cannot currently produce almost any products in the U.S.
“These higher tariffs will eventually cause higher costs for all our products for the US market. Given the uncertainty around the negotiations between the US and the different exporting countries, we do not know what the final tariffs will be.”
The company reaffirmed its full-year outlook but said there were “uncertainties that could put negative pressure on this later in the year.”
— Jenni Reid
Volvo Cars scraps financial guidance as earnings fall
Swedish-based automaker Volvo Cars announced cost-cutting plans of 18 billion Swedish krona ($1.87 billion) as its operating profit fell sharply in the first three months of the year.
Volvo Cars, which is owned by China’s Geely Holding, reported first-quarter operating profit of 1.9 billion krona, down from 4.7 billion krona in the same period last year.
Volvo Cars.
The company said the results reflect a drop in wholesales as part of a planned inventory reduction during the final three months of 2024, adverse currency effects and broader automotive industry turbulence.
It also said it was no longer providing financial guidance for both 2025 and 2026.
— Sam Meredith
Novartis posts better-than-expected first-quarter sales, hikes guidance
Swiss pharmaceutical firm Novartis reported better-than-expected first-quarter sales and raised its full-year guidance.
Net sales were up 15% on a constant currency basis to $13.2 billion, compared to the $13.12 billion estimated by analysts in an LSEG poll.
Novartis share price.
Quarterly adjusted core operating income rose 27% to $5.58 billion versus the $5.07 billion expected.
Novartis also raised its full-year guidance for 2025, forecasting net sales to grow by high single digits and core operating income to increase by low…
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