Reckitt reported third-quarter core like-for-like net revenue growth of 3.3%, below company-compiled consensus of 4.1% and down from 4.2% in the second quarter. It also cut full-year core growth guidance to 3.5%-4.5% from 4%-5%. Shares fell about 4% intraday on Oct. 27.
Reckitt Benckiser was formed in 1999 through the merger of the British firm Reckitt & Colman and Dutch-based Benckiser. Recently rebranded as Reckitt, it sells a portfolio that includes a variety of household and consumer health brands, such as Lysol, Finish, Durex, and Mucinex, many of which hold a number-one or -two position in their categories globally. Reckitt has repositioned its portfolio; it entered the infant formula market through the acquisition of Mead Johnson in 2017, expanded its consumer health presence by acquiring Schiff Nutrition, K-Y, and Biofreeze, and exited the food industry. The firm operates in 60 countries and sells products in more than 200, generating over 40% of core sales from emerging markets.