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Unilever: Q2 2022 Earnings Update

  • Unilever reported an underlying sales growth (USG) of 8.8% year-over-year in Q2 2022
  • Unilever reported a turnover of EUR15.8 billion
  • Unilever reported a GAAP Diluted earnings per share of EUR1.13 in H1 2022

On July 26, 2022, Unilever reported a Q2 turnover of EUR15.8 billion with an underlying sales growth (USG) of 8.8%, underlying price growth (UPG) of 11.2%, and a decline in underlying volume (UVG) of 2.1% on an annual basis.

Summary: Unilever’s Q2 2022 turnover grew by 17.0% as compared to the same period in 2021. Unilever’s Beauty & Personal Care segment accounted for the most sales with a turnover of EUR6.4 billion, followed by the Foods & Refreshment segment with a turnover of EUR6.3 billion, and the Home Care segment with a turnover of EUR3.1 billion.

Unilever reports its sales across three geographic segments: The Americas, Europe, and Asia/AMET/RUB (Africa, Middle East, Turkey; Russia, Ukraine, Belarus):

  • The Americas segment reported a turnover of EUR5.4 billion with a USG of 11.7%, UPG of 13.6%, and UVG of -1.7%.
  • Europe segment reported a turnover of EUR3.3 billion with a USG of 4.6%, UPG of 6.5%, and UVG of -1.8%.
  • Asia/AMET/RUB segment reported a turnover of EUR7.1 billion with a USG of 9.0%, UPG of 11.9%, and UVG of -2.6%.

The company reported a profit from operations of EUR4.5 billion and a turnover of EUR29.6 billion during the first half of 2022, resulting in GAAP operating margins of 15.2%, with GAAP diluted earnings per share of EUR1.13 and underlying earnings per share (EPS) of EUR1.34.

Guidance: The management has provided the following guidance for the year 2022:

  • Underlying sales growth in 2022 to surpass the previous guidance of 6.5%
  • Material inflation for the year to remain high and largely unchanged from the previous forecast
  • Underlying operating margin expectation remains at 16%, which is within the previously guided range of 16% to 17%.

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