REPORTING THIRD QUARTER 2024 EARNINGS
Strong Execution Driving Accelerated Q3 Results
+5.4%
Q3 Organic Net Revenue Growth
Tuesday, October 29, 2024
On October 29, 2024, we reported our third quarter 2024 results.
"We posted robust results for Q3, with accelerated top-line growth, strong earnings and attractive cash flow generation. These results were driven by our commitment to executing with excellence across our categories, markets and brands," said Dirk Van de Put, Chair and Chief Executive Officer. "We remain focused on reinvesting behind our brands, driving distribution, expanding our capabilities and maintaining cost discipline. We continue working to accelerate our core business while strategically reshaping our portfolio – for example, through our expanded partnership with Evirth, a leading manufacturer of cakes and pastries in China. We are excited about the opportunity to further leverage our iconic brands and distribution to create more premium offerings in the fast-growing cakes and pastries space."
Third Quarter Overview
- Net revenues increased +1.9%; Organic Net Revenue1 grew +5.4%
- Volume/Mix grew +0.3%
- Diluted EPS declined -12.5% to $0.63; Adjusted EPS1 on a constant currency basis up +28.6% to $0.99
- YTD cash from operating activities $3.5 billion; YTD Free Cash Flow1 $2.5 billion
- Agreed to acquire a majority stake in Evirth
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.