Royal DSM NV (DSM), the world’s largest vitamin maker, said it’s taking a “prudent approach” to business in 2014 because of doubts over the economy after exchange-rate shifts held back earnings last year.
“DSM assumes a continued challenging macro-economic environment, with low growth in Europe, modest growth in the U.S., and a slowdown in the high growth economies,” Chief Executive Officer Feike Sijbesma said today in a statement.
Full-year earnings before interest, taxes, depreciation and amortization jumped 20 percent to 1.31 billion euros ($1.78 billion) from 1.11 billion euros a year earlier, Heerlen, Netherlands-based DSM. The company had forecast earnings to be “slightly below” 1.35 billion euros. Currency moves in the fourth quarter held back revenue by 2 percent to 4 percent, and the effect this year may total 70 million euros, DSM said.
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