Reckitt Benckiser Disinfectant Brands Drove 3Q Revenue Growth During Pandemic -- Update

-- Reckitt Benckiser's third-quarter revenue rose 6.9% year-on-year to $4.54 billion

-- Growth was supported by disinfectant brands such as Lysol amid the coronavirus pandemic

-- The company raised its full-year like-for-like net revenue guidance to low double-digit percentage growth

By Matteo Castia

Reckitt Benckiser Group PLC on Tuesday raised its full-year guidance on the back of significant revenue growth in the third quarter that was driven by the strong performance of its disinfectant brands during the coronavirus pandemic.

The consumer-goods company, which houses Dettol, Harpic and Durex among its brands, said it now expects full-year like-for-like net revenue to increase by a low double-digit percentage on the year. It had previously guided for high single-digit percentage growth.

Reckitt Benckiser's third-quarter revenue rose 6.9% year-on-year, or 13% on a like-for-like basis, to 3.51 billion pounds ($4.54 billion).

Year-to-date revenue stood at GBP10.42 billion, up from GBP9.26 billion in the year-earlier period, it said.

The company's fastest-growing region was North America, with sales rising 19% on the year, led by strong performance of disinfection brands such as Lysol. Overall, significant growth was recorded across the board, with operational improvements and strong disinfectant business driving results, the company said.

For the same reason, the hygiene sector had the most pronounced growth, with sales rising 13% year-on-year to GBP1.49 billion.

Reckitt Benckiser said its GBP1.30 billion productivity plan remains on track, while year-to-date savings amount to GBP300 million and are currently ahead of plan.

Write to Matteo Castia at [e-mail]

(END) Dow Jones Newswires

October 20, 2020 03:06 ET (07:06 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.