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Reporting Third Quarter 2021 Earnings
Delivered strong revenue and earnings growth
Tuesday, November 02, 2021
On November 2, 2021, we reported our third quarter 2021 results.
"We delivered strong revenue and earnings growth in the third quarter with broad strength across both developed and emerging markets. Demand for our categories and brands remains vibrant and volume growth is solid as we implement pricing to reflect higher inflation," said Dirk Van de Put, Chairman and Chief Executive Officer. "We expect elevated inflation and logistics volatility to persist, but remain confident in our plans to deliver on our financial algorithm, supported by compounding brand investments, pricing as necessary, distribution expansion and our robust ESG agenda, including our recently announced target of net zero emissions by 2050."
Third quarter highlights:
- Net revenues increased +7.8% driven by Organic Net Revenue1 growth of +5.5%, favorable currency and acquisitions
- Diluted EPS was $0.89, up 14.1%; Adjusted EPS1 was $0.71, up +9.4% on a constant-currency basis
- Year-to-date cash provided by operating activities was $2.7 billion, an increase of +$0.4 billion versus prior year; year-to-date Free Cash Flow1 was $2.1 billion, an increase of +$0.4 billion
- Returned $3.2 billion of capital to shareholders year-to-date
- Raising full-year 2021 Organic Net Revenue growth outlook to approximately 4.5%, reaffirming Adjusted EPS and Free Cash Flow outlook
- Announced target of net zero greenhouse gas emissions by 2050
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.