Procter & Gamble Co (NYSE:PG) shares are trading lower after the company reported fourth-quarter FY24 sales of $20.53 billion (flat Y/Y), missing the analyst consensus estimate of $20.74 billion.
Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased 2%. A one percent increase in all-in volume and one percent increase due to higher pricing were offset by two percentage points of unfavorable foreign exchange impacts.
Sales in the Beauty segment fell 1%, the Grooming segment remained flat, and Health Care increased 3%.
Adjusted EPS of $1.40 beat the analyst consensus of $1.37.
Gross profit increased 2% Y/Y to $10.18 billion. The reported gross margin increased by 120 basis points to 49.6%.
Operating margin contracted 140 basis points to 18.9%, while operating income for the quarter fell 7% to $3.88 billion.
P&G held $9.48 billion in cash and equivalents as of June-end. Operating cash flow for the quarter was $5.75 billion.
The company returned over $14 billion of value to shareholders in FY24 via $9.3 billion in dividend payments and $5 billion of share repurchases.
"The team met or exceeded our going-in plans for organic sales growth, core EPS growth, cash generation and cash returned to shareowners in a challenging economic and geopolitical environment," said Board Chairman, President, and CEO Jon Moeller.
Outlook: P&G sees FY25 all-in sales growth of 2% – 4% and organic sales growth of 3% – 5%. This outlook equates to FY25 revenue of $85.72 billion – $87.40 billion versus an estimate of $86.856 billion.
P&G expects its fiscal 2025 core net earnings per share growth of 5% – 7% versus fiscal 2024 core EPS of $6.59. This outlook equates to FY25 adjusted EPS of $6.91 – $7.05 versus an estimate of $6.97.
P&G said it expects adjusted free cash flow productivity of 90% and expects to pay around $10 billion in dividends and to repurchase $6 to $7 billion of common shares in fiscal 2025.
Price Action: PG shares are trading lower by 5.40% at $160.75 in premarket on the last check Tuesday.
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宝洁公司（纽交所：PG）报告FY24第四季度销售额为205.3亿美元（同比持平），低于分析师的共识预期207.4亿美元，其股价下跌。
有机销售额增长2％，排除了汇率和收购分离影响。总成交量增加1％，高价值增加1％，但外汇汇率影响不利，减少2个百分点。
美容板块销售下降1％，修剪板块保持不变，而医疗保健板块增长3％。
每股调整后的收益为1.40美元，超过分析师共识的1.37美元。
毛利润同比增长2％至101.8亿美元。报告的毛利率增加了120个基点，至49.6％。
营业利润率下降了140个基点，至18.9％，而本季度营业利润下降了7％，至38.8亿美元。
宝洁截至6月底持有94.8亿美元的现金及等价物。本季度运营现金流为57.5亿美元。
该公司通过93亿美元的股息支付和50亿美元的股票回购，在FY24为股东提供了超过140亿美元的价值。
董事会主席，总裁兼首席执行官乔恩·莫勒表示：“在一个充满挑战的经济和地缘政治环境中，团队在有机销售增长，核心每股收益增长，现金生成和现金返还股东方面达到或超过了我们的计划。
展望：宝洁预计FY25所有板块销售额增长2％-4％，有机销售额增长3％-5％。这一展望相当于FY25营收为857.2亿美元-874亿美元，而估计为868.56亿美元。
宝洁预计其2025财年核心净每股收益增长5％-7％，而2024财年核心每股收益为6.59美元。这一展望相当于FY25调整后每股收益为6.91美元-7.05美元，而估计为6.97美元。
宝洁公司表示，预计调整后的自由现金流生产力为90％，预计在2025财年支付约100亿元的股息，并回购60亿至70亿美元的普通股。
价格走势： 周二盘前，宝洁股价下跌 5.40%，报 160.75 美元。
来自Shutterstock的图片
