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Name | Symbol | Market | Type |
---|---|---|---|
Reckitt Benckiser PLC (PK) | USOTC:RBGLY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.27% | 11.29 | 11.28 | 11.29 | 11.29 | 11.22 | 11.27 | 489,836 | 18:20:50 |
By Michael Susin and Joe Hoppe
Reckitt Benckiser backed its revenue growth expectations for the full year despite slightly missing third-quarter market expectations, and kicked off a 1 billion pound ($1.22 billion) share-buyback program.
The consumer-goods company--which houses Dettol, Harpic and Durex among its brands--backed guidance for 2023 revenue growth on a like-for-like basis in the range of 3% to 5% and adjusted operating margin to be slightly ahead of 2022 levels of 23.8%, when excluding a one-off benefit related to U.S. nutrition.
The company reported a quarterly revenue drop of 3.6% on year on a reported basis to GBP3.60 billion. This compares with a company-provided market expectations of GBP3.63 billion.
Revenue growth on a like-for-like basis was 3.4%.
Reckitt said the share buyback program will begin immediately and run over the next 12 months.
Write to Michael Susin at michael.susin@wsj.com and Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
October 25, 2023 02:30 ET (06:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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