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Nestle net profit slips; expects sales to remain constrained

  • Nestle's (NSRGF) 2013 net profit dropped slightly to 10.02B Swiss francs ($11.12B) and missed consensus of 10.69B francs, dragged down by the costs of portfolio restructuring and currency fluctuations.
  • Sales rose 2.7% to 92.2B Swiss francs and undershot forecasts of 93.1B francs, with organic growth +4.6%. Revenue was kept down by price pressures in Europe.
  • Nestle's trading operating margin improved 20 bps to 15.2%.
  • "Last year was challenging and 2014 will likely be the same," Nestle said.
  • Nestle expects organic revenue growth of 5% this year vs its long-term goal of 5-6%.
  • Proposed 5% dividend increase to 2.15 francs per share.
  • Shares -1.2% in Zurich. (PR)

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