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Procter & Gamble | 10-Q: Quarterly report

SEC announcement ·  Jan 23 00:00
Summary by Moomoo AI
Procter & Gamble (P&G) reported a 3% increase in net sales for the quarter ending December 31, 2023, reaching $21.4 billion, driven by higher pricing and favorable product mix, despite a 1% negative impact from foreign exchange. Organic sales, which exclude the impacts of acquisitions, divestitures, and foreign exchange, also rose by 4%. The Fabric & Home Care segment led with a 5% sales increase, while the Beauty segment saw a modest 1% rise. Operating income, however, fell by 7% to $4.4 billion, affected by a non-cash impairment charge on the Gillette intangible asset. Net earnings saw a 12% decrease to $3.5 billion, and diluted EPS dropped by 12% to $1.40. Core EPS, excluding charges for the Gillette impairment, increased by 16% to $1.84. P&G's business development was marked by growth across most segments...Show More
Procter & Gamble (P&G) reported a 3% increase in net sales for the quarter ending December 31, 2023, reaching $21.4 billion, driven by higher pricing and favorable product mix, despite a 1% negative impact from foreign exchange. Organic sales, which exclude the impacts of acquisitions, divestitures, and foreign exchange, also rose by 4%. The Fabric & Home Care segment led with a 5% sales increase, while the Beauty segment saw a modest 1% rise. Operating income, however, fell by 7% to $4.4 billion, affected by a non-cash impairment charge on the Gillette intangible asset. Net earnings saw a 12% decrease to $3.5 billion, and diluted EPS dropped by 12% to $1.40. Core EPS, excluding charges for the Gillette impairment, increased by 16% to $1.84. P&G's business development was marked by growth across most segments, with notable increases in Fabric & Home Care and Health Care. The company's future plans include addressing challenging macroeconomic conditions through a limited market portfolio restructuring, primarily in certain Enterprise Markets. P&G anticipates incremental restructuring charges of $1.0 to $1.5 billion after tax, primarily from foreign currency translation losses. For the six months ended December 31, 2023, P&G's net sales rose by 5% to $43.3 billion, with net earnings increasing by 2% to $8.0 billion, and diluted EPS growing by 2% to $3.23. Core EPS for the same period went up by 16% to $3.66. The company's operating cash flow was reported at $10.0 billion, with adjusted free cash flow productivity at 96%.

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