REPORTING SECOND QUARTER 2024 EARNINGS
Solid First Half with Strong Profit Delivery
+2.5%
Q2 Organic Net Revenue Growth
Tuesday, July 30, 2024
On July 30, 2024, we reported our second quarter 2024 results.
"We continued to execute against our strategic growth agenda in the second quarter with strong profitability and attractive cash flow generation. Our performance was fueled by our commitment to reinvesting in our brands, capabilities, ongoing price execution and cost discipline," said Dirk Van de Put, Chair and Chief Executive Officer. "We are well positioned for the second half of the year with the completion of European pricing, the addition of new value offerings in the U.S. and significant distribution runway across key emerging markets. Our teams remain focused on delivering our long-term growth agenda while remaining agile in this dynamic operating environment."
Second Quarter Highlights
- Net revenues decreased -1.9%; Organic Net Revenue1 grew +2.5% with underlying Volume/Mix of -2.2%
- Diluted EPS was $0.45, down -34.8%; Adjusted EPS1 was $0.86, up +25.0% on a constant currency basis
- Year-to-date cash provided by operating activities was $2.1 billion, up $0.2 billion versus prior year; Free Cash Flow1 was $1.5 billion, flat versus prior year
- Return of capital to shareholders was $2.2 billion in the first half of the year
- Announcing +11% increase to quarterly dividend
- Launching transformative ERP program to drive enterprise efficiencies
![Solid First Half with Strong Profit Delivery](https://images.ctfassets.net/zo243s55pyir/6VZVHWE128MQkCzFHpzxML/c29ba483b8ffeb0be876e71a0bfbd9d8/Q2_2024_Earnings_Infographic.jpg)
For more information, see our press release here.
- Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Adjusted EPS incl. developed market gum, 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.