Summary by Moomoo AI
On January 23, 2024, Procter & Gamble (P&G) released its earnings report for the quarter ending December 31, 2023. The company reported a net sales increase of 3% to $21.4 billion, with organic sales growing by 4%. Diluted earnings per share (EPS) fell by 12% to $1.40, primarily due to a non-cash impairment charge related to the Gillette brand. However, core EPS, which excludes certain items, rose by 16% to $1.84. P&G's operating cash flow reached $5.1 billion, and the company returned $3.3 billion to shareholders through dividends and share repurchases. The report also highlighted a limited market portfolio restructuring due to challenging conditions in certain markets, with expected restructuring charges of $1.0 to $1.5 billion after tax over fiscal years 2024 and 2025. Despite the impairment charge, P&G raised its core EPS growth guidance for fiscal year 2024 and maintained its sales and cash return guidance. The company's Chairman, President, and CEO, Jon Moeller, expressed confidence in P&G's strategy for balanced growth and value creation.