(Bloomberg) -- Heineken NV shares rose as volume declines in key markets were offset by higher pricing and the Dutch brewer maintained its guidance.
The company said Wednesday it still expects full-year operating profit of between 4% and 8%, even as volumes rose just 0.7% in the third quarter, missing estimates compiled by Bloomberg of 2.02%.
The shares rose as much as 2.2% in early trading in Amsterdam on Wednesday, the most in nearly a month.
Heineken has been struggling with the US market, where depressed consumer spending has hit sales. Volume growth in in Brazil for the period helped dampen declines in Mexico and the US, and the region’s volume drop of 1.3% was partly offset by pricing.
In Europe, poor summer weather kept brewers from taking full advantage of sporting events which traditionally draw customers into bars and pubs.
The company, which makes more than 300 brands including Amstel, Red Stripe and Sol, has stepped up investments in marketing in key territories and pushed sales of zero-alcohol beer Heineken 0.0, which grew 3.4% in the quarter, led by sales in Brazil, the US and Vietnam.
Like other consumer firms, Heineken’s sales have been hit by currency devaluation in markets such as Nigeria. But the company has said it remains committed to the African country, where volumes are growing, even as rival Diageo is selling its stake in Guinness Nigeria.
Asia Pacific saw a beer market decline in Cambodia, fueled by local competition and promotions. India and Indonesia posted stronger sales for the quarter.
--With assistance from Joel Leon.
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