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Reporting Second Quarter 2022 Earnings
Well positioned for continued profitable growth in 2022
Tuesday, July 26, 2022
On July 26, 2022, we reported our second quarter 2022 results.
"Our second quarter and first half results were marked by strong top and bottom-line performance across all regions and categories, supporting the raising of our full-year revenue growth outlook," said Dirk Van de Put, Chairman and Chief Executive Officer. "Our chocolate and biscuit businesses continue to demonstrate strong volume growth and pricing resilience across both developed and emerging markets. These results combined with ongoing cost discipline, simplification and revenue growth management are delivering robust profit dollar growth and strong cash flow, enabling us to increase our dividend by 10 percent.
We also continue to execute against our strategy of accelerating our core business while reshaping our portfolio, most recently with our agreement to acquire Clif Bar, a leader in high growth, well-being snack bars, creating a $1 billion-plus snack bar business. Clif Bar has the leading position in the U.S. protein and nutrition segments with clear opportunities to expand domestic and international distribution, velocities and profitability to create significant value for our shareholders in the years to come.”
First quarter highlights:
- Net revenues increased +9.5% driven by Organic Net Revenue1 growth of +13.1%
- Diluted EPS was $0.54, down 28.9%; Adjusted EPS1 was $0.67, up +9.1% on a constant-currency basis
- Year-to-date cash provided by operating activities was $2.0 billion, an increase of +$0.2 billion versus prior year; Free Cash Flow1 was $1.6 billion, +$0.2 billion
- Return of capital to shareholders was $2.5 billion in the first half of the year
- Announced agreement to acquire Clif Bar, a leader in high growth, well-being snack bars, creating a $1+ billion global snack bar business
- Announcing +10% increase to quarterly dividend
- Raising Organic Net Revenue growth outlook for full year to 8%+
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.