Henkel first quarter
This article was originally published in The Rose Sheet
Executive Summary
Cosmetics/toiletries division sales fell 3.8% to $573.7 mil. (€1=$1.17) in Q1, Henkel announces June 5. After adjusting for currency effects, division sales were flat over prior-year period. Sales in Europe/ Africa/Middle East region were even with a year ago, while sales in North America declined. Division earnings before interest and taxes were virtually unchanged at $49.2 mil. Henkel consolidated sales fell 3.1% on a reported basis to $2.74 bil., and earnings before interest and taxes increased 3.5% to $196.7 mil. In comments to analysts regarding Henkel's minority stake in Wella, CEO Ulrich Lehner says the difference in price offered by Procter & Gamble for voting shares and preference shares remains a "big stretch." The exec provided no additional comment on how Henkel will proceed with the tender offer...