For the three months ended September 30, 2024, Procter & Gamble Company reported net sales of $21.737 billion, reflecting a 1% decrease from $21.871 billion in the same period of the previous year. Operating income also declined, falling 11% to $5.140 billion from $5.802 billion year-over-year. Net earnings for the quarter were $3.987 billion, down 12% from $4.556 billion in Q1 2023, with net earnings attributable to Procter & Gamble at $3.959 billion, compared to $4.521 billion in the prior year. Diluted earnings per share (EPS) decreased by 12% to $1.61 from $1.83, although core EPS, excluding restructuring charges, increased by 5% to $1.93.
Segment performance varied, with Beauty net sales at $3.892 billion, down 5%, while Health Care saw a 2% increase to $3.147 billion. Fabric & Home Care reported a 1% increase in net sales to $7.710 billion, and Baby, Feminine & Family Care decreased by 2% to $5.102 billion. Notably, the Beauty segment experienced a 2% decline in organic sales, attributed to a decrease in unit volume and unfavorable foreign exchange impacts, despite a slight increase in global market share.
The company incurred restructuring charges of approximately $0.8 billion after tax related to operations in Argentina, contributing to a net earnings margin decrease of 210 basis points due to a decline in gross margin and increased selling, general, and administrative (SG&A) expenses as a percentage of net sales.
Operating cash flow for the quarter was reported at $4.302 billion, with adjusted free cash flow at $3.9 billion, representing 82% productivity against net earnings. However, corporate net earnings decreased significantly, with a loss of $707 million attributed to restructuring charges, despite a slight increase in corporate net sales to $163 million.
Procter & Gamble announced a share repurchase program aimed at reducing outstanding shares by $6 to $7 billion in fiscal year 2025, financed through a combination of operating cash flows and debt issuance. As of September 30, 2024, the company reported that current liabilities exceeded current assets by $9.0 billion, indicating a need to support short-term liquidity through cash generated from operations.
About PROCTER & GAMBLE Co
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