Shares of Unilever PLC (UL) slipped nearly 7% on Thursday morning after the consumer goods company reported fiscal year 2024. The company also provided an update on the spin-off of its ice cream business. The company said the planned separation of Ice Cream remains on track to complete by the end of 2025 and it would be demerged through a triple listing.

UL is currently trading at $55.27, down $3.87 or 6.54%, on the NYSE. The stock opened its trading at $58.78, after closing Wednesday at $59.14. The stock has traded between $46.46 and $65.87 in the past 52-week period.

Unilever reported fiscal 2024 profit before taxation of 8.87 billion euros, down from last year's 9.34 billion euros. Net profit dropped 10.8 percent to 6.37 billion euros from 7.14 billion euros last year. Earnings per share were 2.29 euros, down 10.6 percent from 2.56 euros a year ago.

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