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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Published by Benjamin Roussey
Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.
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