P&G Announces Fourth Quarter and Fiscal Year 2023 Results
Today P&G reported results for the fourth quarter and full 2023 fiscal year, and our integrated strategy continued to support strong results.
Execution of our integrated strategy continues to yield broad-based, strong sales growth across categories and regions, strong earnings in the face of significant cost headwinds and continued strong return of cash to P&G shareowners.
“The April-June quarter provided a very strong finish to fiscal year 2023 — top-line growth, bottom-line growth, and cash generation,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer. “The team met or exceeded our going-in plans for sales, earnings, and cash in a difficult operating environment and despite significant cost headwinds. As we look forward to fiscal 2024, we expect to deliver strong organic sales growth, EPS growth and free cash flow productivity — each in-line with our long-term growth algorithm, despite continued macroeconomic and geopolitical challenges. We remain committed to our strategy — a focus on daily use categories where performance drives brand choice, superiority (of product, package, communication, go-to-market execution and value), productivity, constructive disruption, and an agile and accountable organization structure and culture — all in pursuit of sustainable, balanced growth and value creation.”
Organic sales grew 7% for the second consecutive fiscal year, and growth was broad-based with all 10 of our product categories growing organic sales. Focus markets grew 5% for the year, and Enterprise markets were up 15%.
We held global aggregate market share, and 29 of our top 50 category/country combinations held or grew share for the year.
On the bottom line, core earnings per share was $5.90, up 2% for the year despite a 24 percentage point earnings growth headwind (or approximately $1.38 per share) from higher materials costs and foreign exchange. On a currency neutral basis, Core EPS was up 11%.
Chairman, President and CEO Jon Moeller said it best by noting that “P&G serves people, with a strong desire to improve their lives and the lives of their families. We stand by people — our consumers — and support them in small but meaningful ways every day, with superior performing products at a superior value.”
For a deeper dive into the numbers announced today: https://news.pg.com/news-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx. Slides and the webcast replay of earnings results are available at www.pginvestor.com/event.
See https://www.pginvestor.com/event for P&G's full Q4 and FY 2023 earnings release issued July 28, 2023, the associated webcast presentation, definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially.