- Second quarter 2020 net sales of $4.6 billion increased slightly compared to the year-ago period, including organic sales growth of 4 percent.
- Diluted net income per share for the second quarter was $1.99 in 2020 and $1.40 in 2019.
- Second quarter adjusted earnings per share were $2.20 in 2020, up 32 percent compared to $1.67 in 2019. Adjusted earnings per share exclude certain items described later in this news release.
- Second quarter cash provided by operations was $1,579 million in 2020 and $609 million in 2019.
- The company is restoring financial guidance for full-year 2020 and restarting its share repurchase program after temporarily suspending both in April due to the uncertainty related to the COVID-19 pandemic.
- Net sales in 2020 are expected to increase 1 to 2 percent year-on-year, including organic sales growth of 4 to 5 percent. Diluted net income per share for 2020 is anticipated to be $6.35 to $6.90. Adjusted earnings per share in 2020 are expected to be $7.40 to $7.60. The company’s outlook in January was for organic sales growth of 2 percent and adjusted earnings per share of $7.10 to $7.35.
Chairman and Chief Executive Officer Mike Hsu said, “We continue to focus on protecting the health and safety of our employees and consumers and operating our supply chain with excellence to meet the needs of our consumers and customers during this unprecedented time period. I am extremely proud of how our teams are managing these near-term operating priorities. At the same time, our underlying business momentum is good, our market share positions are healthy overall and we are delivering excellent financial results.”
Hsu continued, “We achieved very good organic sales growth and all-time record adjusted earnings and cash flow in the second quarter. We also delivered significant cost savings, helping us achieve strong margin improvements. While the environment remains uncertain, visibility has improved from three months ago and we are restoring forward-looking guidance. We have increased our 2020 outlook for organic sales and earnings compared to our original plan. We are also further increasing our growth investments to position us for future success. We continue to execute well, operate our business with a balanced approach and remain very optimistic about our opportunities to create shareholder value.”
NOTE: this is NOT the complete release.