Tuesday, January 30, 2024

On January 30, 2024, we reported our fourth quarter and FY 2023 results.

"Our 2023 results underscore the strength of our execution, the importance of our investments and the resiliency of our portfolio, footprint, categories, and brands. We delivered double-digit top-line and earnings growth for the year, leading to strong cash flow generation and capital return to shareholders. Our growth was balanced across developed and emerging markets, with robust performance in all regions," said Dirk Van de Put, Chairman and Chief Executive Officer. "As we enter 2024, we continue focusing on strong execution, supported by a significant increase in investments behind our brands, capabilities, and talent. We remain confident that we are well positioned for sustainable top- and bottom-line growth in the years ahead."

Full Year Highlights

• Net revenues for the full year increased +14.4% driven by Organic Net Revenue¹ growth of +14.7% with underlying Volume/Mix of +1.3%. For the fourth quarter, Net revenues increased +7.1% driven by Organic Net Revenue¹ growth of +9.8% with underlying Volume/Mix of -0.4%
• Diluted EPS was $3.62, up +84.7%; Adjusted EPS¹ was $3.19, up +19.0% on a constant currency basis
• Year-to-date cash provided by operating activities was $4.7 billion; Free Cash Flow¹ was $3.6 billion, up +$0.6 billion vs prior year
• Return of capital to shareholders was $3.7 billion; increased dividend per share by 10%
• Closed the divestiture of our developed market gum business for $1.4 billion
• Expecting for 2024 an on-algorithm year for Organic Net Revenue, Adjusted EPS and Free Cash Flow, with revenue growth at upper end of 3-5% range

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.