REPORTING FIRST QUARTER 2024 EARNINGS

Solid start to the year with strong profit delivery

+4.2%

Q1 Organic Net Revenue Growth

Tuesday, April 30, 2024

On April 30, 2024, we reported our first quarter 2024 results.

"We posted solid top-line results coupled with robust earnings and free cash flow generation in the first quarter driven by strong pricing execution, effective cost management and emerging market momentum,” said Dirk Van de Put, Chair and Chief Executive Officer. “Despite facing a challenging and dynamic operating environment, our teams remained focused and agile in executing against our long-term growth strategy. We continue to reinvest in our brands, drive distribution gains and capture synergies from recently acquired assets to drive sustainable long-term growth."

First Quarter Highlights

  • Net revenues increased +1.4% driven by Organic Net Revenue1 growth of +4.2% with underlying Volume/Mix of -2.1%
  • Diluted EPS was $1.04, down 31.6%; Adjusted EPS1 was $0.95, up +16.3% on a constant currency basis
  • Cash provided by operating activities was $1.3 billion, up $0.2 billion versus prior year; Free Cash Flow1 was $1.0 billion, up $0.1 billion versus prior year
  • Return of capital to shareholders was $1.1 billion
Solid start to the year with strong profit delivery

For more information, see our press release here.

  1. Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of the press release for more information.