Feb. 13, 2014, 4:26 AM
- 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)