BEI Beiersdorf AG

   By Anthony Shevlin 
 

-First-half sales rose to EUR3.84 billion from EUR3.61 billion

-The company backed its guidance for the full year

-EBIT before special factors was EUR593 million

Beiersdorf AG (BEI.XE) on Tuesday backed its outlook for 2019 as sales in the first half rose.

The maker of Nivea skin cream said sales were 3.84 billion euros ($4.29 billion) in the period, up from EUR3.61 billion the year prior.

On an organic basis, sales rose 4.8%. Analysts at Credit Suisse expected organic-sales growth of 4.8% compared with consensus expectations of 3.5%.

Beiersdorf said sales in its consumer business rose 5.3% on an organic basis to EUR3.15 billion, boosted by strong performances in the Americas and Africa, Asia and Australia.

Sales in the company's La Prairie brand surged nearly 27%, the company said.

The company's Nivea brand grew 3.2%.

The German company said its adhesives unit tesa grew 2.4% on an organic basis, although the company blamed the downturn in the automotive business for its performance in the Americas.

"In an uncertain market environment, [the] automotive business in particular saw a negative sales trend. This was the primary reason for the declining sales in the Americas," it said.

Earnings before interest and taxes and special factors were EUR593 million. Last year the company posted EBIT of EUR585 million.

The company said special factors of EUR11 million were related to its acquisition of the Coppertone sun-care business from Bayer AG (BAYN.XE) earlier this year.

Beiersdorf backed its outlook for the year and targets organic sales growth of between 3% and 5%, with an EBIT margin of around 14.5%, weighed down by planned investments.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

August 06, 2019 02:38 ET (06:38 GMT)

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