CINCINNATI — Procter & Gamble announced on Friday that fourth-quarter earnings rose nearly 45%, due to gains from the sale of its snacks business, as sales slipped 1%.
Net sales for the April to June quarter totaled $20.2 billion, a decrease of 1%. Organic sales rose 3% due to price increases, partially offset by geographic mix.
For the quarter, P&G posted a profit of $3.63 billion, or $1.24 a share, up from $2.51 billion, or 84 cents, in the year-ago period. Excluding such items as restructuring costs and gains from selling the snacks business, core earnings were 82 cents a share, consistent with the prior year and 3 cents per share above the top end of the company’s guidance range. P&G completed the sale of its snacks business in the quarter, which resulted in a net gain of 48 cents per share.
In beauty care, net sales dropped 4% to $4.8 billion, as organic sales grew 1%. Price increases added 4% to net sales growth. Net earnings were in line with the prior-year period at $382 million as net earnings margin expansion offset the impact of reduced net sales.
In grooming, net sales decreased 6% to $2 billion, with price increases adding 1% to net sales. Grooming net earnings were in line with the prior year at $406 million as an expansion in operating margin was offset by the decrease in net sales.