RBGLY Reckitt Benckiser PLC (PK)

By Michael Susin and Joe Hoppe

Reckitt Benckiser backed its revenue growth expectations for the full year despite slightly missing third-quarter market expectations, and kicked off a 1 billion pound ($1.22 billion) share-buyback program.

The consumer-goods company--which houses Dettol, Harpic and Durex among its brands--backed guidance for 2023 revenue growth on a like-for-like basis in the range of 3% to 5% and adjusted operating margin to be slightly ahead of 2022 levels of 23.8%, when excluding a one-off benefit related to U.S. nutrition.

The company reported a quarterly revenue drop of 3.6% on year on a reported basis to GBP3.60 billion. This compares with a company-provided market expectations of GBP3.63 billion.

Revenue growth on a like-for-like basis was 3.4%.

Reckitt said the share buyback program will begin immediately and run over the next 12 months.

Write to Michael Susin at michael.susin@wsj.com and Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 25, 2023 02:30 ET (06:30 GMT)

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