High oil and commodities prices are starting to dent the profitability of the world’s largest industrial and consumer goods companies, with businesses from Procter & Gamble in the US to BASF in Europe warning of a strong headwind.
As companies release their results for the first quarter, executives are warning that rising raw materials prices, particularly oil, are now a problem.
Commodities prices “remain stubbornly high”, Jean-Marc Huët, chief financial officer at Unilever, the world’s second largest consumer goods company, said. Thomas Falk, chief executive of Kimberly-Clark, the maker of Huggies nappies, added: “Most oil-based costs are tracking a little higher than we expected.”
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