BN Danone

   By Anthony Shevlin 
 

Danone SA (BN.FR) said Friday that net profit for the year rose, driven by strong growth in its waters division and in its specialized nutrition division.

The French food company said net profit was 2.45 billion euros ($3.06 billion) compared with EUR1.72 billion the previous year. Analysts had expected net profit of EUR2.14 billion.

Sales for the year were EUR24.68 billion, slightly down on analysts' forecasted EUR24.71 billion, while quarterly sales were EUR6.10 billion, in line with the EUR6.14 billion analysts had expected.

Danone said sales growth in the waters division accelerated in the second half of the year, particularly in the fourth quarter, when sales grew over 10% on a like-for-like New Danone basis. The specialized nutrition division also performed well in the fourth quarter, notably in China.

The company said that sales at its essential dairy and plant-based North American division were down, including a decline in volumes and value.

For 2018 Danone targets double-digit recurring earnings per share growth at constant exchange rates, excluding the effect of the Yakult transaction. Danone said Wednesday that it plans to sell part of its 21.3% stake in Yakult Honsha Co. Ltd. (2267.TO).

The company expects a mid-single digit rise in packaging and material costs in 2018.

Chief Executive Emmanuel Faber said he is "confident" that Danone is on track to accelerate toward its 2020 ambition.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

February 16, 2018 01:56 ET (06:56 GMT)

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