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Unilever reiterates full-year outlook on strong third quarter
(Sharecast News) - Consumer goods giant Unilever reiterated its full-year outlook on Thursday, despite "subdued" market conditions, following a strong third quarter. Updating on trading, the blue chip said turnover rose 3.9% on an underlying basis, to €14.7bn, or by 4% once the soon-to-be demerged ice cream business is stripped out.
Analysts had pencilled in growth of 3.7%.
Driving the increase was strong demand for Unilever's biggest products, known as power brands. Sales of power brands sparked 4.4% over the three-month period, with volume growth ahead 1.7% and prices 2.6%.
As a result, the owner of Dove, Persil, Knorr and Hellmann's, among many others, said it remained on track to meet full-year targets for underlying sales growth of between 3% and 5%.
"Second half growth is expected to be ahead of the first half, despite subdued market conditions," it noted. "This reflects our continued strength in developed markets an improving performance in emerging markets.
"We continue to anticipate an improvement in underling operating margin for the full year with second half margins of late last 18.5% (or at least 19.5% excluding ice cream), a significant improvement versus the second half of 2024."
Fernando Fernandez, chief executive, said: "We continued to outperform in developed markets in the third quarter, led by our strong innovation programme and, following decisive interventions, stepped up our emerging markets performance, with a return to growth in Indonesia and China."
Unilever said on Wednesday that its planned €15bn de-merger of its ice cream arm - home to Ben & Jerry's and Magnum - had been delayed by the federal shutdown in the US.
The business had been due to list in Amsterdam in November, with secondary listings in London and New York.
It reiterated on Thursday that preparatory work was progressing, leaving it well positioned to get the deal away once the shutdown is lifted.
It currently expects the de-merger to complete by the end of the fourth quarter.
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