P&G Announces Results for the Second Quarter of Fiscal Year 2024

Second quarter organic sales grew 4%.

Growth across categories continued to be broad based, with eight of 10 product categories holding or growing organic sales in the quarter.

Focus markets grew 3% for the quarter, and Enterprise markets grew 7%.

As consumers continue to choose P&G brands, global aggregate value share was up 40 basis points versus the prior year, with 28 of our top 50 category/country combinations holding or growing share.

Core earnings per share were up 16% versus the prior year. On a currency neutral basis, core EPS increased 18%.

Adjusted free cash flow productivity was 95%.

We returned $3.3 billion of cash to shareowners through about $2.3 billion in dividends and $1 billion in share repurchase.

In summary, against what continues to be a challenging and volatile operating environment — strong overall results in the first half of the year, delivered by P&G people executing our integrated strategy:

• A focused portfolio of products in daily use categories where performance drives brand choice. Our portfolio is performing, delivering broad-based growth across nearly all categories and most geographies for several years.
• Irresistible superiority across the five vectors of product, package, brand communication, retail execution and value — holistically defined. We are leveraging that superiority to grow markets, and our share in them, to jointly create value with retail partners.
• Productivity improvement in all areas of our operations to fund investments in innovation, brand building and market growth, to mitigate cost and currency challenges, and to expand margins and generate cash.
• Constructive disruption of ourselves and our industry. A willingness to change, adapt and create new trends, technologies and capabilities that will shape the future of our industry and extend our competitive advantage.
• An empowered, agile and accountable organization that is also increasingly diverse, enabling us to serve an increasingly diverse set of consumers.
• Strengthening this strategy through four focus areas — supply, environmental sustainability, digital acumen and a superior employee value equation. These four focus areas are not new or separate strategies. They simply strengthen our ability to execute the strategy.

For a deeper dive into the results announced today, visit: https://news.pg.com/news-releases/news-details/2024/PG-Announces-Fiscal-Year-2024-Second-Quarter-Results/default.aspx. Slides and the webcast replay of earnings results are available at www.pginvestor.com/event.