Procter & Gamble announces strong results for fiscal third quarter 2024
Net sales reach $20.2 billion, up one percent year-over-year
Procter & Gamble has disclosed that it recorded net sales of $20.2 billion in the third quarter of fiscal 2024, marking a one percent increase compared to the prior year. It highlights those organic sales, excluding currency effects and acquisitions and divestitures, experienced growth of three percent. In addition, diluted net earnings per share were $1.52, reflecting an 11 percent increase over the prior year.
During this quarter, the company generated operating cash flow of $4.1 billion, with net earnings of $3.8 billion. It is emphasized that adjusted free cash flow productivity reached 87%, calculated as operating cash flow excluding capital spending, as a percentage of net earnings. In addition, it is highlighted that the company returned US$3.3 billion in cash to shareholders through approximately US$2.3 billion in dividend payments and US$1 billion in share repurchases.
Jon Moeller, chairman, president and chief executive officer, said, “We delivered solid sales and strong earnings growth in the third quarter despite multiple obstacles, enabling us to raise our EPS growth guidance and maintain our revenue outlook for the fiscal year.” “We remain committed to our integrated strategy of a product portfolio focused on everyday categories where performance drives brand choice, superiority (in product performance, packaging, brand communication, retail execution and consumer and customer value), productivity, constructive disruption and an agile strategy and accountable organization. We are increasing investments in superiority to drive market growth and maintain strong momentum. We are confident that this remains the right strategy to achieve balanced growth and value creation.”
On the outlook, P&G maintained its guidance range for total sales growth in fiscal 2024 in the range of two to four percent compared to the prior year. It also raised its diluted net earnings per share growth for fiscal 2024 to a range of one to two percent compared to fiscal 2023.
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