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Nestle 2011 EPS Estimate Cut at Sanford on Strong Swiss Franc

Oct. 13 (Bloomberg) -- Nestle SA, the world’s biggest food company, had its 2011 earnings per share estimate cut by Sanford C. Bernstein on concern the strong Swiss franc will hurt profit growth.

The EPS estimate was trimmed 8 percent to 3.65 Swiss francs ($3.82) a share, according to a note today by Andrew Wood, a Sanford analyst. Wood estimates that the strong franc will cut 5 percent from Nestle’s sales and profit. In May he had expected a benefit.

Sanford also cut EPS estimates for Unilever NV, Groupe Danone SA, L’Oreal SA and Henkel AG & Co. KGaA, by 4 percent each.

“Foreign exchange headwinds are coming back,” Wood wrote in today’s note.

To contact the reporter on this story: Tom Mulier in Geneva at tmulier@bloomberg.net.

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net.

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