On Thursday, Unilever plc (NYSE:UL) reported first-half adjusted EPS of 1.67 euros ($1.74), up from 1.39 euros a year ago.
The British multinational fast-moving consumer goods company reported sales of 31.12 billion euros ($33.7 billion), up 2.3% year-over-year (underlying growth of 4.1%).
Unilever's underlying price growth for the first half was 1.6%, with underlying volume sales growth of 2.6%.
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- Second quarter sales increased 2.2% to 16.09 billion euros.
- Unilever's underlying price growth for the quarter was 1%, with underlying volume sales growth of 2.9%.
- The consumer products giant reported an underlying operating profit of 6.1 billion euros, up 17.1%, with a margin of 19.6%, up 250 bps.
- Financial Times noted that the margin came in ahead of an expected 18%.
- Beauty & Wellbeing sales increased 5.1% to 6.5 billion euros (underlying growth of 7.1%).
- Personal Care segment sales were up 0.6% to 7 billion euros (+5.6%).
- Home Care revenues were up 2% to 6.3 billion euros (+3.3%).
- Nutrition sales were up 1.3% to 6.7 billion euros (+3.2%)
- Ice Cream sales were up 2.8% to 4.6 billion euros (+0.6%).
"We are focused on driving high-quality sales growth and gross margin expansion, led by our Power Brands. Over the first half, we made progress on those ambitions," said Hein Schumacher, CEO.
In March, Unilever announced the separation of Ice Cream and the launch of a major productivity program to improve efficiency and effectiveness. Separation activity is underway and on track to be completed by the end of 2025.
Guidance: Unilever continues to expect underlying sales growth for 2024 to be within 3% to 5%, with most of the growth driven by volume.
The underlying operating margin for the full year is expected to be at least 18%, with increasing investment behind brands. The company expects the year-on-year margin progression in the second half to be smaller than in the first half.
"There is much to do, but we remain focused on transforming Unilever into a consistently higher-performing business," Schumacher added.
Unilever owns over 400 brands, including Ben & Jerry's, Dove soap, TRESemmé hair products, and Wish-Bone salad dressing.
Price Action: Unilever stock is up 6.3% at $60.10 at last check Thursday.
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