Reporting Third Quarter 2020 Earnings

Monday, November 02, 2020

On November 2, 2020, we reported our third quarter 2020 results

"Our third quarter performance was strong across all key metrics, with broad-based revenue growth as demand remained elevated in Developed Markets and sequentially improved in Emerging Markets. Our teams are executing well and we continue to deliver share gains by meeting the needs of customers and consumers, despite the uncertainties caused by COVID-19. Our strategy remains unchanged and we are accelerating certain initiatives and increasing the investment behind our brands to further support long-term sustainable growth," said Dirk Van de Put, Chairman and Chief Executive Officer.

Results include:

• Net revenues increased 4.9% primarily driven by strong Organic Net Revenue¹ growth of 4.4%
• Year-to-date diluted EPS was $1.66, down 24.2%, lapping a prior-year benefit from Swiss tax reform; Year-to-date Adjusted EPS¹ was $1.92, up 5.9% on a constant-currency basis
• Year-to-date cash provided by operating activities was $2.3 billion, up $0.4 billion versus prior year; Free Cash Flow¹ was $1.7 billion, an increase of $0.5 billion versus prior year
• Returned $0.4 billion of capital to shareholders in the quarter through dividends

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.