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Heineken pulls FY'20 guidance due to coronavirus pandemic

Heineken NV on April 8 suspended its fiscal 2020 guidance as it expects the coronavirus outbreak to weigh on performance through the second quarter.

The Dutch brewer expects total consolidated volume to drop 4% year over year in the first quarter and beer volume to drop 2% due to the impact of the pandemic, which is expected to worsen in the second quarter.

The company will provide further updates on its April 22 earnings call.

Heineken said it entered the crisis with a strong balance sheet and had secured additional debt financing in recent weeks.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.