Beiersdorf AG (BEI) raised its full-year sales forecast for the second time in little more than a month as the maker of Nivea skin cream said revenue at its consumer business would grow more quickly than anticipated.
Sales will rise “well over” 4 percent this year, the Hamburg-based company said today, pushing its shares to the highest closing price in at least 16 years. Beiersdorf had been predicting growth of about 3 percent until Nov. 2, when it increased the forecast to between 3 percent and 4 percent.
Revenue at the consumer business will also advance by more than 4 percent, the company said today. Chief Executive Officer Stefan Heidenreich, said in November he was happy with the product pipeline for 2013. The company, which also sells the Eucerin and La Prairie brands, is focusing on six categories: body, face, sun, men, shower products and deodorants.
“Beiersdorf has faced strong growth in all regions in its consumer division in the current quarter,” Thomas Maul, an analyst at DZ Bank AG in Frankfurt, wrote in an e-mailed note. “We expect consensus earnings to be revised upwards.”
Beiersdorf rose 2 percent to 61.73 euros in Frankfurt trading, the highest closing price since at least January 1996. The stock has gained 41 percent this year.
To contact the reporter on this story: Celeste Perri in Amsterdam at firstname.lastname@example.org
To contact the editor responsible for this story: Celeste Perri at email@example.com