The Procter & Gamble Company reported second quarter fiscal year 2023 net sales of $20.8 billion, a decrease of one percent versus the prior year. Excluding the impacts of foreign exchange and acquisitions and divestitures, organic sales increased five percent. Diluted net earnings per share were $1.59, a decrease of four percent versus prior year EPS.
Operating cash flow was $3.6 billion, and net earnings were $4.0 billion for the quarter. Adjusted free cash flow productivity was 72%, which is calculated as operating cash flow, less capital spending, as a percentage of net earnings. The Company returned $4.2 billion of cash to shareholders via approximately $2.2 billion of dividend payments and $2 billion of common stock repurchases.
“We delivered solid results in the second quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer. “Progress against our plan fiscal year to date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
Baby, Feminine and Family Care segment organic sales increased 4% versus year ago. Baby Care organic sales increased low single digits due to increased pricing, partially offset by volume declines from market contraction. Feminine Care organic sales increased high single digits driven by increased pricing and positive geographic mix, partially offset by volume declines in emerging markets. Family Care organic sales increased low single digits due to increased pricing, partially offset by lower volumes due to market contraction and market share softness.