CINCINNATI — Procter & Gamble announced on Thursday a decrease in both first-quarter net sales and diluted earnings per share from continuing operations, as core earnings per share rose 5%.
For the July-September period, net sales totaled $20.7 billion, a decrease of 4% compared with the year-ago period — including a negative 6% impact from foreign exchange.
Diluted net earnings per share from continuing operations were 96 cents, a decrease of 5% due to noncore charges of 10 cents. Core earnings per share rose 5%, to $1.06 for the quarter.
“Our first-quarter results put us on track to deliver our commitments for the fiscal year. Results were at the high end of expectations on the top line and ahead of plan on operating profit, earnings per share and cash,” stated chairman, president and CEO Bob McDonald. “We are continuing to focus on executing our growth and productivity strategy – maintaining momentum in developing markets, strengthening our core developed market business, building a strong innovation pipeline, and aggressively driving cost savings and productivity improvements. We’re confident that this strategy will enable P&G to generate superior levels of shareholder return in both the short- and long-term.”
For the October-December quarter, P&G expects core EPS in the range of $1.07 to $1.13, down 2% to up 4%, compared with prior year core EPS of $1.09. On an all-in basis, P&G is forecasting earnings per share in the range of $1.18 to $1.25, an increase of 111% to 123% versus prior year EPS from continuing operations of 56 cents.