In This Article:
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Net Sales: EUR2,197 million for 2024, up 0.8% at constant currency, excluding Argentina.
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Q4 Net Sales: EUR517 million, up 4.4% at constant currency, excluding Argentina.
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Adjusted EBIT Margin: 15.6% for 2024, an increase of 90 basis points from last year.
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Adjusted EPS: EUR6.15 for 2024, an increase of 8% from last year.
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Free Cash Flow: EUR271 million for 2024.
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Net Cash Position: EUR189 million at the end of December 2024.
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Human Expression Net Sales: EUR814 million, up 0.7% at constant currency, excluding Argentina.
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Flame for Life Net Sales: EUR810 million, down 1.8% at constant currency, excluding Argentina.
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Blade Excellence Net Sales: EUR543 million, up 5% at constant currency, excluding Argentina.
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Dividend Proposal: EUR3.08, an increase of 8% from last year.
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CapEx: EUR87 million for 2024.
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Tangle Teezer Acquisition: Acquired for EUR201 million in December 2024.
Release Date: February 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Bic (BICEF) achieved a solid adjusted EBIT margin of 15.6% in 2024, surpassing their long-term Horizon target of 15.5%.
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The company delivered adjusted EPS growth of 8%, reaching more than EUR6, a record high since 2017.
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Bic (BICEF) generated EUR271 million of free cash flow, reflecting strong financial discipline.
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The acquisition of Tangle Teezer is expected to support Bic (BICEF)'s Horizon strategy by providing exposure to a fast-growing and profitable business.
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Bic (BICEF) saw significant geographical expansion, with strong performance in Europe, Latin America, and the Middle East and Africa.
Negative Points
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Full year 2024 net sales growth was below expectations, with only a 0.8% increase at constant currency, excluding Argentina.
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The US market faced negative consumption trends, resulting in a mid-single digit market decline in value.
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The Human Expression division's growth was negatively impacted by the soft performance of Skin Creative and Digital Writing businesses.
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The Flame for Life division experienced a challenging year in North America due to a downturn in consumption trends.
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Bic (BICEF) faced higher raw material costs and unfavorable fixed cost absorption, impacting their overall financial performance.
Q & A Highlights
Q: Can you provide details on the net sales growth outlook, particularly considering the acquisition of Tangle Teezer? A: Chad Spooner, CFO, explained that the acquisition of Tangle Teezer is expected to add roughly 3 percentage points to growth. The core business is projected to grow between 1% to 3%. Growth will be driven by solid performance in Europe, EMEA, and Latin America, with a focus on distribution gains and innovation. Pricing will be more surgical and limited compared to previous years.