Unilever reports drop in net profit for 2023 and launches share buyback program

  • Unilever reports better-than-feared net profit drop for 2023
  • Turnover drops in the fourth quarter
  • Launches a EUR1.5 billion share buyback program for 2024

Unilever reported a better-than-feared net profit drop for 2023, following a turnover drop in the fourth quarter, and launched a share buyback. The Anglo-Dutch retailer–which owns consumer brands such as Ben & Jerry’s ice cream and Dove soap–on Thursday posted a net profit of 6.49 billion euros ($6.99 billion) for the year compared with EUR7.64 billion for 2022 and a consensus of EUR6.23 billion, taken from FactSet and based on 11 analysts’ estimates. Turnover fell to EUR59.6 billion from EUR60.07 billion for the prior year, mainly driven by currency headwinds and net disposals. It was expected to fall to EUR60.04 billion, according to the company-compiled consensus. For the fourth quarter, turnover fell 3% to EUR14.2 billion compared to a consensus of EUR14.28 billion. The group launched a EUR1.5 billion share buyback program for 2024, set to start in the second quarter.

Public Companies: Unilever PLC (UNA.AS)
Private Companies:
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Factuality Level: 8
Justification: The article provides specific financial figures and information about Unilever’s net profit drop and turnover drop. It also mentions the launch of a share buyback program. The information seems to be based on official sources and is not overly sensational or biased. However, the article could provide more context and analysis about the reasons behind the drop in net profit and turnover.

Noise Level: 7
Justification: The article provides basic financial information about Unilever’s net profit drop and turnover decline. However, it lacks in-depth analysis, scientific rigor, and actionable insights. It does not explore the consequences of these financial results on the company or its stakeholders. The article also does not provide evidence or data to support its claims.

Financial Relevance: Yes
Financial Markets Impacted: Unilever

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses Unilever’s net profit drop, turnover drop, and share buyback program.

Reported publicly: www.marketwatch.com