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Nestle sees fall in full-year net profit
By Frank Jordans |
February 22, 2010, Monday
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Print Edition
Print Edition
SWISS food and drinks company Nestle SA has reported a full-year net profit of 10.4 billion Swiss francs (US$9.55 billion), a significant drop from the 18 billion francs it earned the previous year when it benefited from the sale of part of its stake in eye care company Alcon.
The maker of Nescafe, Perrier, Jenny Craig and Haagen Dazs said last Friday that sales reached 108 billion francs in 2009. Earnings per share were 2.92 francs.
Nestle's chief executive, Paul Bulcke, said the company had made changes to its products over the year and cut costs.
"We were able to grow substantially faster than our industry," he said.
With 4.1 percent organic growth the company missed its long-term target of 5-6 percent a year.
"In some years we do very well, and other years we fall slightly below," Nestle's chief financial officer, Jim Singh, said in a conference call.
Still, the results were in line with analysts' expectations.
The world's biggest packaged food firm suffered a drop in net profit during the first half of 2009 as the recession and a strong Swiss franc hit sales. Since then, raw material costs have eased again and the company has embarked on a drive to adjust the price of its products to appeal to all market segments.
Nestle said it cut costs by over 1.5 billion francs last year.
The fourth quarter in particular "showed very strong momentum across the board, well above consensus - and our estimates," said Andrew Wood, a senior analyst at research firm Sanford C. Bernstein.
The Nespresso coffee machine capsules business fared particularly well, while sales of its Nestle-brand ice creams and Lean Cuisine diet foods suffered during 2009. The firm plans to increase promotion of its Nespresso capsules outside Europe.
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