By Ian Walker

Heineken Holding NV on Wednesday reported 2019 earnings that were slightly ahead of market forecasts, while the company said late Tuesday that its long-time CEO Jean-Francois van Boxmeer will step down in April.

SALES FORECAST: Revenue for the year ended Dec. 31 was 23.97 billion euros ($26.16 billion) compared with consensus forecasts of EUR23.82 billion, taken from the company's website.

NET INCOME: Net profit was EUR2.17 billion for the year compared with consensus forecasts of EUR2.16 billion, taken from the company's website.

ADJUSTED OPERATING PROFIT: Adjusted operating profit--one of the company's preferred metrics which strips out exceptional and other one-off items--was EUR4.02 billion compared with a forecast of EUR3.94 billion, taken from FactSet and based on 15 analysts' estimates.

WHAT WE WATCHED:

--OUTLOOK: Heineken said it expects mid-single digit adjusted operating profit growth in 2020 on an organic basis, in line with Citi expectations. Organic growth for 2019 was 3.9%.

--CORONAVIRUS: The company said that it is too early to assess the extent and duration of the impact of coronavirus on the economy and business at this time.

--CEO: The Amsterdam-based brewer said late Tuesday that COE Jean-Francois van Boxmeer will step down after leading the company for 15 years, and named Dolf van den Brink, who currently heads its Asia Pacific operations, as his successor. Mr. Van den Brink will join the company's executive board on April 23 and Mr. Van Boxmeer will hand over his responsibilities on June 1.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

February 12, 2020 04:22 ET (09:22 GMT)

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