NSRGY - Nestlé S.A. (NSRGY) Q1 2024 Earnings Call Transcript
2024-04-27 01:42:05 ET
Nestlé S.A (NSRGY)
Q1 2024 Earnings Conference Call
April 25 2024 8:00 AM ET
Company Participants
Mark Schneider - Chief Executive Officer
Anna Manz - Chief Financial Officer
Luca Borlini - Head of Investor Relations
Conference Call Participants
Warren Ackerman - Barclays
Jon Cox - Kepler
Guillaume Delmas - UBS
Celine Pannuti - JPMorgan
Jeremy Fialko - HSBC
Pascal Boll - Stifel
Bruno Monteyne - Bernstein
Sarah Simon - Morgan Stanley
Jeff Stent - Exane
Tom Sykes - Deutsche Bank
David Hayes - Jefferies
Presentation
Luca Borlini
Good morning to everyone. This is Luca Borlini, Head of Nestlé Investor Relations. Thank you for listening to Nestlé's three-month 2024 sales prepared remarks. Joining me today are Nestlé’s CEO, Mark Schneider and our CFO, Anna Manz.
Starting this quarter, we are following a new format to serve you better. We have made management’s prepared remarks and the investor presentation available at the same time as our press release. Later today, at 2 p.m. Central European Time, we will hold our traditional live question-and-answer session, which you will be able to follow via webcast on our Investor Relations website. We hope this will meet your needs and look forward to your feedback.
Before we begin, please take careful note of the disclaimer on Page 2 of our presentation. And with that, I turn to Mark.
Mark Schneider
Thank you, Luca, and a warm welcome to all of you. As always, we appreciate your interest in our company. We hope that this new format works well for you, and we look forward to our live Q&A later today.
Let me start by putting this quarter in perspective. The slow start to the year was expected, in particular as we saw a number of phasing and year-over-year impacts coming together. You will see in this presentation that it is consistent with our full-year guidance. Q1 organic sales were up 1.4%. Price was up 3.4%, moderating from a very high-level last year when prices were up by close to 10%. Real Internal Growth, the sum of volume and mix, was down 2.0%.
Overall, organic sales growth was driven by Europe and emerging markets. Growth was negatively impacted by North America, more on Zone North America, in a minute. Group-wide, the key drivers of growth included PetCare and Confectionery. As expected, Nestlé Health Science`s organic sales growth was negative in the first quarter. The integration plan for its vitamins, minerals and supplements business is fully on track. The first quarter is now behind us, and we are spring loaded for a significant rebound in Real Internal Growth.
Now I would like to introduce our new CFO, Anna Manz. It has been a true pleasure having Anna on board since the 1 st of March. As you know, she has enormous experience in the consumer sector. She is already bringing fresh perspectives and initiatives to the CFO role at Nestlé, such as the new quarterly presentation format we are using today.
I am certain you will enjoy getting to know Anna. I will now turn the call over to her....
Nestlé S.A. (NSRGY) Q1 2024 Earnings Call Transcript