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Reporting First Quarter 2023 Earnings

Excellent Start To 2023 With Compounding Top- And Bottom-Line Growth


Organic Net Revenue Growth

Thursday, April 27, 2023

On April 27, 2023, we reported our first quarter 2023 results.

“We delivered a strong start to the year, with double-digit net revenue and profit dollar growth in our first quarter, as we continued to execute against our long-term strategy. These results were driven by ongoing pricing execution to offset cost inflation and solid volume growth,” said Dirk Van de Put, Chairman and Chief Executive Officer. “We saw broad-based demand across both developed and emerging markets, as consumers around the world continue to prioritize our chocolate, biscuits, and baked snacks categories and brands. We also continued to make significant progress against our portfolio reshaping initiatives, reducing our coffee equity stakes, while driving strong top- and bottom-line synergies from recently acquired assets, including Clif Bar. Our dedicated people remain focused on accelerating and compounding growth through significant investments in our brands, talent and capabilities, while advancing our sustainability initiatives. Given our strong Q1 performance, we are raising our net revenue and earnings outlook for the year.”

First Quarter Highlights

  • Net revenues increased +18.1% driven by Organic Net Revenue1 growth of +19.4% with underlying Volume/Mix of +3.2%
  • Diluted EPS was $1.52, up 149.2%; Adjusted EPS1 was $0.89, up +17.3% on a constant currency basis
  • Cash provided by operating activities was $1.0 billion, in line with prior year; Free Cash Flow1 was $0.9 billion, down -$0.1 billion versus prior year
  • Return of capital to shareholders was $0.9 billion
  • Raising both Organic Net Revenue growth outlook to 10%+ and Adjusted EPS growth outlook to 10%+
Excellent start to 2023 with compounding top- and bottom-line growth

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.