Swiss multinational food and drink processing company Nestle reported a net profit of 5.644 billion Swiss francs ($6.09 billion), or 2.16 francs per share, for the first half of 2024 on Thursday.
In comparison, the profit was 5.649 billion francs, or 2.13 francs, per share in the same period last year.
Excluding one-time items, underlying earnings per share decreased 1% year-on-year to 2.40 francs. In constant currency, underlying earnings per share increased 3.3% to 2.51 francs.
Profit before taxes, associates and joint ventures increased to 6.707 billion francs from 6.565 billion francs last year.
Trading operating profit slightly increased to 7.398 billion francs from 7.351 billion francs a year ago.
Excluding one-time items, the underlying trading operating profit was 7.841 billion francs, down from 7.904 billion francs last year.
Sales declined 2.7% to 45.045 billion francs from 46.293 billion francs in the previous year. Sales were negatively impacted by 4.4% from foreign exchange and 0.4% from divestitures largely related to the creation of a joint venture with PAI Partners for Nestlé's frozen pizza business in Europe. On an organic basis, sales grew 2.1%.
Nestle now expects organic sales to grow at least 3%, lower than the previous outlook for organic sales growth of around 4%. Underlying earnings per share in constant currency are now expected to increase at a mid-single-digit rate, compared with prior guidance of 6% to 10% growth.
