P&G Announces Third Quarter Fiscal 2016 Results

Organic Sales +1%; Net Sales -7%; Diluted Net EPS $0.97,+29%; Core EPS $0.86, -3%; Currency-Neutral Core EPS Unchanged Versus Prior Year
Tuesday, April 26, 2016 6:04 pm BST

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Today, The Procter & Gamble Company (NYSE:PG) reported third quarter fiscal year 2016 diluted net earnings per share of $0.97, an increase of 29%. Core earnings per share were $0.86, a decrease of three percent, while currency-neutral core earnings per share were unchanged versus the prior year. Core operating profit margin increased 300 basis points driven primarily by productivity savings in gross margin. Net sales were $15.8 billion, a decrease of seven percent versus the prior year including a five percent negative impact from foreign exchange, a two percent impact from the Venezuela deconsolidation and a one percent impact from minor brand divestitures. Organic sales grew one percent. 

Operating cash flow was $3.3 billion for the quarter. Adjusted free cash flow productivity was 105%. The Company repurchased $1.0 billion of common stock and returned $1.9 billion of cash to shareholders as dividends. Additionally, the Company acquired $4.2 billion of common stock with the closing of the Duracell transaction.

“We continue to make progress on the transformations we are undertaking to return P&G to balanced top and bottom-line growth and maintain strong cash generation,” said President and Chief Executive Officer David Taylor. “We achieved a significant milestone this quarter in the transformation of the product portfolio with the sale of the Duracell business. We delivered another strong quarter of productivity improvement and cost savings, and we increased investments in innovation, advertising and selling to enhance our long-term prospects for faster, sustainable top-line growth and value creation.”

Follow this link for the full Press Release:  P&G Announces Third Quarter Fiscal 2016 Results

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