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Hindustan Unilever Q3 EPS increases 8.8% YOY but misses estimates

Hindustan Unilever Ltd. on Jan. 17 reported year-over-year growth in net profit and sales for third-quarter 2018 but missed analysts' earnings expectations.

For the three months to Dec. 31, 2018, the Indian consumer goods giant posted diluted EPS of 6.67 Indian rupees, up 8.8% from 6.13 rupees in the year-ago period but below the S&P Global Market Intelligence consensus GAAP EPS estimate of 7.14 rupees.

Net profit for the quarter rose to 14.44 billion rupees from 13.25 billion in the third quarter of 2017. Meanwhile, sales of products came in at 93.57 billion rupees, a 12.4% increase from the 83.23 billion rupees recorded in the prior-year period and above analysts' estimates of 94.65 billion rupees.

For the third quarter of 2018, Hindustan Unilever said its home care division delivered double-digit growth, driven in particular by its fabric wash and household care brands. Its beauty and personal care unit delivered positive performance across all its brands, and the company's food and refreshment division saw steady growth via its tea, ice cream and frozen dessert items.

The consumer goods retailer also noted that the board has approved its scheme of amalgamation with GlaxoSmithKline Consumer Healthcare Ltd. following the €3.3 billion deal announced Dec. 3, 2018. The deal is still subject to shareholder and statutory approvals.

As of Oct. 16, US$1 was equivalent to 70.99 Indian rupees.