On Thursday, Unilever plc
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%.
- 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%).
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.
