Reckitt reported strong Q1 21 revenue, trumping estimates by 1.6%. Q1 revenue was up 4.1% on a lfl basis, to £3.51bn, attributable to 28.5% growth in Hygiene, which offset the weakness in Health (-13%) and Nutrition (-7.4%). E-commerce maintained momentum with 24% growth.
FY21 outlook was unchanged: 0-2% top-line growth with 40-90bp margin contraction yoy.
We will raise our estimates to factor in the strong Q1 showing and re-iterate our positive stance on the stock.
28 Apr 2021
Hygiene charged Q1 showing; unchanged guidance is surprising
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Hygiene charged Q1 showing; unchanged guidance is surprising
Reckitt Benckiser Group plc (RKT:LON) | 4,160 1164.9 0.7% | Mkt Cap: 29,395m
- Published:
28 Apr 2021 -
Author:
Virendra Chauhan -
Pages:
3
Reckitt reported strong Q1 21 revenue, trumping estimates by 1.6%. Q1 revenue was up 4.1% on a lfl basis, to £3.51bn, attributable to 28.5% growth in Hygiene, which offset the weakness in Health (-13%) and Nutrition (-7.4%). E-commerce maintained momentum with 24% growth.
FY21 outlook was unchanged: 0-2% top-line growth with 40-90bp margin contraction yoy.
We will raise our estimates to factor in the strong Q1 showing and re-iterate our positive stance on the stock.