UPDATE: Unilever Posts Rise In H1 Profit, But Sales Drop

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Unilever PLC
UL
reported a rise in its first-half profit. Unilever's first-half net profit surged to EUR2.82 billion, versus a year-ago profit of EUR2.43 billion. Core earnings per share rose 2% to EUR0.78, while diluted earnings per share gained 17% to EUR0.97. The first-half operating profit included a negative currency impact of EUR413 million. Its first-half revenue fell 5.5% to EUR24.10 billion. Its underlying sales in the second quarter climbed 3.8%, versus analysts' expectations for a 4.3% gain. In the second quarter, sales growth in emerging markets was 6.6%, versus 10.3% in the year-ago period. Developed markets grew by 0.3%. North America rose by 0.4% in the second quarter, while Europe shrank by 0.8% in the quarter. For the half year, gross margin rose by 10bps to 41.5%. Core operating profit in personal care was broadly unchanged at EUR1,532 million, while core operating profit in foods was down at EUR1,097 million. Core operating profit in refreshment came in at EUR509 million, while core operating profit in home care came in at EUR229 million. Paul Polman, Chief Executive Officer said, "The first half again shows consistent top and bottom line progress despite significant headwinds. Our markets have been challenging and we have experienced a further slow-down in the emerging countries whilst developed markets are not yet picking up.” Unilever shares gained 0.46% to $45.81 in pre-market trading.
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Posted In: EarningsNewsprofit
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