P&G Reports Modest Growth in Q3 Fiscal Year 2024 Amidst Global Challenges

P&G Reports Modest Growth in Q3 Fiscal Year 2024 Amidst Global Challenges

THE WHAT?  The Procter & Gamble Company has announced its financial results for the third quarter of fiscal year 2024, revealing a one percent increase in net sales, reaching $20.2 billion. The modest growth comes amidst various global economic headwinds, yet the company has shown resilience with organic sales climbing three percent.

THE DETAILS  Diluted net earnings per share for the quarter were reported at $1.52, marking an 11% increase compared to the previous year. The company’s operating cash flow stood strong at $4.1 billion, with net earnings reaching $3.8 billion. P&G’s adjusted free cash flow productivity was robust at 87%. Furthermore, the company continued its shareholder-friendly activities, returning $3.3 billion through dividends and share repurchases. Notably, this quarter’s dividend increase marks the 68th consecutive year of dividend raises, underlining P&G’s commitment to shareholder returns.

THE WHY? P&G’s steady performance can be attributed to its strategic focus on maintaining a portfolio of daily-use products where performance drives brand preference. Chairman, President, and CEO Jon Moeller highlighted the effectiveness of P&G’s integrated strategy which emphasizes product superiority, productivity, and organizational agility. The company has raised its EPS growth guidance for fiscal 2024, reflecting confidence in its strategic initiatives and ability to navigate ongoing economic pressures.