Compañía Cervecerías Unidas S.A. (NYSE:CCU) Q2 2024 Results Conference Call August 8, 2024 12:00 PM ET
Company Participants
Claudio Las Heras - Head-Investor Relations
Patricio Jottar - Chief Executive Officer
Felipe Dubernet - Chief Financial Officer
Joaquín Trejo - Financial Planning and Investor Relation Manager
Carolina Burgos - Senior Investor Relation Analyst
Conference Call Participants
Felipe Ucros - Scotiabank
Alvaro Garcia - BTG Pactual
Pedro Seixas - Neuberger Berman
Fernando Olvera - Bank of America
Constanza Gonzalez - Quest Capital
Lucas Ferreira - JPMorgan
Operator
Good afternoon, everyone, and welcome to CCU's Second Quarter 2024 Earnings Presentation Call on the 8th of August. Please note that this call is being recorded and all participant lines are in listen-only mode. After the presentation is completed, there'll be an opportunity to ask questions.
So without further a due, I would now like to pass the line over to Claudio Las Heras, Head of Investor Relations at CCU. Please go ahead, sir.
Claudio Las Heras
Welcome everyone, and thank you for attending CCU's second quarter 2024 conference call.
Today with me are Mr. Patricio Jottar, Chief Executive Officer; Mr. Felipe Dubernet, Chief Financial Officer; Mr. Joaquín Trejo, Financial Planning and Investor Relation Manager; and Carolina Burgos, Senior Investor Relation Analyst. You have received a copy of the company's consolidated second quarter 2024 results. At usual, Patricio will now review our overall performance and we'll then move into a Q&A session.
Before we begin, please take note of our cautionary statement. The statements made in this call that relate to CCU’s future performance or financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ.
These statements should be taken in conjunction with the additional information about risks and uncertainties set forth in CCU’s annual report in Form 20-F filed with the U.S. Securities and Exchange Commission and in the annual report submitted to the CMF and available on our website.
It is now my pleasure to introduce Mr. Patricio Jottar.
Patricio Jottar
Thank you, Claudio, and thank you all for joining us today.
In the second quarter of 2024 CCU's financial results were much weaker than last year, as they were heavily impacted by two effects, a particularly difficult context for demand in Chile and Argentina, and the depreciation of our main local currencies.
In Chile, the industries of our core categories particularly there, decreased largely explained by adverse weather conditions with unusual low temperatures and record rainfall during the quarter, particularly in May and June.