- Unilever press release ( NYSE: UL ): FY Non-GAAP EPS of €2.57.
- Revenue of €60.07B (+14.5% Y/Y).
- Underlying operating profit improved slightly to €9.7B despite margin decline of 230bps driven by input cost inflation.
- Free cash flow €5.2B.
- Outlook for FY23: "We expect cost inflation to continue in 2023. Our expectation for net material inflation in the first half of 2023 is around €1.5B. We anticipate significantly lower NMI in the second half, with a wide range of possible outcomes, though we do not expect cost deflation.
- In the first half, underlying price growth will remain high, and volume growth will be negative. Volume will improve as price growth softens, but it is too early to say whether volume will turn positive in the second half.
- We expect 2023 underlying sales growth to be at least in the upper half of our multi-year range of 3 – 5%. We will deliver only a modest improvement in underlying operating margin in the full year, as we plan for another year of increased investment, and with cost inflation remaining high, underlying operating margin will be around 16% in the first half.
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Unilever Non-GAAP EPS of €2.57, revenue of €60.07B; initiates 1H and FY23 guidance