Investing.com -- Shares of Ahold Delhaize (AS:AD)saw a positive uptick following the company's second quarter results, which surpassed estimates across both its US and European operations.

At 6:57 am (1057 GMT), Ahold Delhaizewas trading 3.3% higher at €30.23.

As per UBS Global Research, the company reported Group Net Sales of €22.3 billion, exceeding the consensus estimate of €22.13 billion.

Group Underlying Operating Income also surpassed expectations, coming in at €933 million compared to the consensus of €868 million and UBS's estimate of €878 million. The Group's operating margin stood at 4.2%, outperforming the consensus of 3.9% and UBS's 4.0%.

“We are conscious that positioning in AD had moved modestly longer in recent weeks, with the stock performing as a safe haven in the face of turbulent markets,” said analysts at Jefferies in a note.

In the US, comparable sales showed a slight decline of -0.4% versus the consensus of -0.5%, with net sales reaching €13.57 billion, slightly above the expected €13.56 billion.

The US underlying operating margin improved by 8 basis points to 4.7%, compared to the consensus of 4.4%. US EBIT was reported at €632 million, outperforming the consensus of €601 million and UBS's €608 million estimate. The company attributed this success to vendor allowances and cost savings.

In Europe, comparable sales grew by 2.4%, ahead of the 1.7% consensus and close to UBS's 2.5% estimate. Net sales in Europe were €8.77 billion, surpassing the consensus of €8.56 billion and UBS's estimate of €8.54 billion.

The European underlying operating margin was 3.7%, above the consensus of 3.4% and UBS's 3.5% estimate. Europe’s underlying operating income was €324 million, which is about 11% ahead of consensus, driven by strong performance in Belgium and lower energy costs.

The Group's Free Cash Flow (FCF) was €378 million, a 22% year-over-year decline primarily due to an unfavorable cash flow difference from an incidental tax refund in the prior year and a negative working capital development of €212 million due to timing differences.

However, the company's effective cost management was evident, with Group Segmental EBIT at €956 million, 7.0% ahead of the consensus of €893 million, UBS added.

Ahold Delhaize maintained its FY24 guidance, with the group underlying operating margin expected to be at least 4.0%, aligning with the consensus. The company also targets cost savings of at least €1 billion.

FCF is projected to be around €2.3 billion, slightly ahead of the consensus of €2.22 billion, with a capex of approximately €2.2 billion. EPS is expected to remain around the 2023 level, with the consensus predicting a -0.7% growth.