Nestle Raises Outlook after Posting $5B First-Half Profit
One of the world’s largest food and drink companies, Nestle Food Corp, reported on Wednesday a $5 billion or 7.5 percent increase in its net profit as sales from its core products such as Jenny Craig, Nescafe, and Haagen-Dazs rose.
The company also raised its growth forecast to 5 percent from 3.9 percent.
Due to the increase in global sales its core food business, Swiss-based food and drink manufacturer Nestle Food Corp. on Wednesday reported a 7.5 percent or $5 billion increase in its net profit for the first-half of the year, raising annual outlook to five percent.
In a report, Nestle chief executive Paul Bulcke said that is net profit from January to June has increased to 5.45 billion Swiss francs, roughly $5billion, despite adverse currency exchange rates globally.
Nestle’s first semester results surprised many of the economists as it beat earlier forecasts and its profit a year earlier.
According to the company, sales revenue from its core products such as Jenny Craig, Nescafe, and Haagen-Dazs rose to 55 billion this year compared to 52 billion francs last year.
Meanwhile, the company has raised its growth expectations to five percent from 3.9 percent following strong outing from its core products. The company has excluded currency exchange rates and its effects to the new forecast.
“We have increased investment in our brands, people and capabilities and have prepared the company for a more challenging second half,” Bulcke said.
Meanwhile, Nestle shares remained flat as of Wednesday morning as currency exchange rates continued to hampered growth.
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