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Reporting Second Quarter 2020 Earnings
Business resilient and execution driving strong results, despite COVID-19 headwinds
Tuesday, July 28, 2020
On July 28, 2020, we reported our second quarter 2020 results.
"We remain focused on the safety and well-being of our colleagues and communities at this time, while continuing to serve our customers in the exceptional circumstances caused by COVID-19. I am proud of how our teams have demonstrated their commitment to our customers and consumers by safely and efficiently maintaining business continuity. I am pleased with our second quarter performance given the challenging environment, with top-line performance driven by Developed Markets and strong share gains in all key markets. Our Emerging Markets performance improved throughout the quarter as store closures eased and consumers in many markets were increasingly able to access our products. While we expect continued volatility and uncertainty from COVID-19, I am confident that our strategy, investments, category fundamentals and execution will enable us to successfully navigate this crisis and emerge stronger," said Dirk Van de Put, Chairman and Chief Executive Officer.
- Net revenues decreased 2.5% primarily driven by unfavorable currency impacts, with Organic Net Revenue1 growth of 0.7% and incremental net revenues from acquisitions
- Diluted EPS was $0.38, down 30.9% primarily as a result of costs associated with the JDE Peet's initial public offering; Adjusted EPS1 was $0.63, up 16.1% on a constant-currency basis
- Year-to-date cash provided by operating activities was $1.6 billion, up $0.5 billion versus prior year; Free Cash Flow1 was $1.1 billion, an increase of $0.5 billion versus prior year
- Returned $410 million of capital to shareholders in the quarter through dividends
- Announcing 11% increase to quarterly dividend
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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