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

“We delivered solid sales and strong earnings growth in the third quarter despite multiple headwinds, enabling us to raise our EPS growth guidance and maintain our top-line outlook for the fiscal year,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer.

“We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization. We are increasing investments in superiority to drive market growth and sustain strong momentum. We have confidence this remains the right strategy to deliver balanced growth and value creation.”

Organic sales grew 3%.

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 2% for the quarter, and Enterprise markets grew 4%.

As consumers continue to choose P&G brands, global aggregate value share was up versus prior year, with 29 of our top 50 category/country combinations holding or growing share.

Core earnings per share were up 11% versus the prior year. On a currency neutral basis, core EPS increased 18%.

Adjusted free cash flow productivity was 87%.

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 — we’ve delivered strong results through three quarters of FY'24 through our integrated growth strategy:

• A focused portfolio of products in daily use categories where performance drives brand choice.
• 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 areas of focus — supply, environmental sustainability, digital acumen, and a superior employee value equation.

For a deeper dive into the results announced today read our press release. Slides and the webcast replay of earnings results are available at www.pginvestor.com/event.