Beiersdorf: misses consensus as Tesa drags again
(CercleFinance.com) - Germany's Beiersdorf, which makes Nivea cream, missed the consensus on Tuesday due to weakness at its Tesa adhesives unit, also citing a "challenging and very competitive market environment.
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Sales increased 4.3% in organic terms in the first nine months of the year. At 5.72 billion euros, nominal sales rose 6% year-on-year, the company said.
While the Nivea brand increased its sales by 3%, the derma business unit, which includes the Eucerin and Aquaphor brands, ended the first nine months of the year with sales up by 7.5%.
However, sales at Tesa inched up just 1.2% in organic terms. The group confirmed its targets, expecting sales growth of around 3%-5% this year.
Meanwhile, the consolidated EBIT margin from ongoing operations is predicted to be around 14.5%.
Shares of the Hamburg-based company dipped 0.7% to 103.1 euros after these results while the German blue-chip DAX index is down 0.1%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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Sales increased 4.3% in organic terms in the first nine months of the year. At 5.72 billion euros, nominal sales rose 6% year-on-year, the company said.
While the Nivea brand increased its sales by 3%, the derma business unit, which includes the Eucerin and Aquaphor brands, ended the first nine months of the year with sales up by 7.5%.
However, sales at Tesa inched up just 1.2% in organic terms. The group confirmed its targets, expecting sales growth of around 3%-5% this year.
Meanwhile, the consolidated EBIT margin from ongoing operations is predicted to be around 14.5%.
Shares of the Hamburg-based company dipped 0.7% to 103.1 euros after these results while the German blue-chip DAX index is down 0.1%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.