Boston, MA 02/14/2013 (wallstreetpr) – Merck & Co Inc., (NYSE:MRK) announced yesterday its Q1 profits per share will decline by 5 cents for the F.Y. 2013 due to the currency devaluation announced by the Venezuelan Government. This won’t affect the full year outlook though, the company’s statement said.
The loss will arise as the New Jersey based company will have to re-measure its local balance sheet for the Venezuelan jurisdiction. The country has been designated as a hyper inflationary economy since 2010 after the government announced devaluation, 1 USD will cost 6.30 VEF (Bolivar Fuerte) previously 1USD was worth 4.30VEF.
The company estimated its earnings forecast between 76 to 78 cents while analysts estimated EPS to go up as much as 86 cents.
The shares of Merck & Co Inc., (NYSE:MRK) were down by 0.68% and currently trading at $41.0.87.
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