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Unilever (LSE: ULVR) 1H17 Results: Strong First Half, Raises FY17 Margin Target

Executive Summary

  • Unilever reported 1H17 sales of €27,725 million, almost on par with the consensus of €27,724 million and up by 5.5% from 1H16. At constant exchange rates, sales grew by 3.8%.
  • The operating margin jumped by 307 basis points and diluted EPS bounced by 23.9% to €1.09.
  • Unilever expects “accelerating growth” in 2H17 and estimates full-year underlying sales growth to be in the range of 3%–5%.

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