Reporting First Quarter 2020 Earnings

Our priorities are clear in a volatile, COVID-19 environment

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Tuesday, April 28, 2020

On April 28, 2020, we reported our first quarter 2020 results.

"We had a strong first quarter, with record market share gains, and executed very well in challenging circumstances, thanks to the dedication and commitment of our colleagues, especially those on the front line, who are working tirelessly to provide food to consumers around the world," said Dirk Van de Put, Chairman and Chief Executive Officer. "In the last month of the quarter, we saw a significant increase in consumer demand for our snacks in developed markets, particularly in North America, which more than offset a more challenging environment in several emerging markets."

Results include:

  • Net revenues increased 2.6% driven by Organic Net Revenue1 growth of 6.4% partially offset by unfavorable currency impacts
  • Diluted EPS was $0.52, down 17.5% due to unrealized losses in mark to market impact from currency and commodities derivatives; Adjusted EPS1 was $0.69, up 10.8% on a constant currency basis
  • Cash provided by operating activities was $284 million; Free Cash Flow1 was $70 million
  • Return of capital to shareholders was $1.1 billion
  • Long term fundamentals and strategy remain intact; full year 2020 outlook withdrawn due to uncertainty around the impact of COVID-19 on financial and operating results

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 this press release for more information.

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