Unilever 2022 Net Profit Rose; 4Q Turnover Increased on Higher Prices

By Joe Hoppe

Unilever PLC reported Thursday an increase in net profit for 2022, beating market expectations for the year, while fourth quarter turnover rose.

The Anglo-Dutch retailer--which owns consumer brands such as Ben & Jerry's ice cream and Dove soap--posted a net profit of 7.64 billion euros ($8.18 billion) for the year compared with EUR6.05 billion for 2021 and a consensus of EUR6.48 billion, taken from FactSet and based on 18 analysts' estimates.

Adjusted operating profit--one of the company's preferred metrics, which strips out exceptional and other one-off items--was EUR9.68 billion compared with EUR9.64 billion in 2021 and a company-compiled consensus of EUR9.65 billion.

Turnover rose to EUR60.07 billion from EUR52.44 billion for the year-earlier period. Turnover was expected to rise to EUR59.85 billion for 2022, according to the company-compiled consensus. For the fourth quarter, turnover rose 11.4% to EUR14.61 billion compared to a consensus of EUR14.39 billion.

Underlying sales growth for the full year accelerated to 9.0%, driven by price action in response to high input cost inflation and across all business groups. Within this, prices rose 11.3%, though volumes fell 2.1%.

The board declared a fourth-quarter dividend of EUR0.4268, flat on a year prior.

The company continues to expects high cost inflation in 2023, and sees full-year underlying sales growth in the upper half of its multi-year range of 3%-5%.

Write to Joe Hoppe at [e-mail]

(END) Dow Jones Newswires

February 09, 2023 02:35 ET (07:35 GMT)

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