| ニュースリリース | ザ・プロクター・アンド・ギャンブル・カンパニー | ||||
1 P&Gプラザ | |||||
オハイオ州シンシナティ45202 | |||||
P&Gは2025会計年度の第1四半期の業績を発表 | ||
| 純売上高 -1％； 有機売上高 +2％ | ||
| 希薄化後eps 1.61ドル、-12％； コアeps 1.93ドル、+5％ | ||
| 会計年度の売上高、eps成長率およびキャッシュリターンのガイダンスを維持 | ||
シンシナティ、2024年10月18日 - プロクター・アンド・ギャンブル・カンパニー（nyse:PG）は2025会計年度第1四半期の純売上高が217億ドルで、前年比1％減少しました。 外国為替と企業買収・売却の影響を除いた有機売上は、前年の7％の成長基期に対して2％増加しました。 希薄化後1株当たりの純利益は1.61ドルで、非中核再編成費の増加により前年比12％減少しました。 コア1株当たりの収益は1.93ドルで、前年比5％増加しました。
四半期の営業キャッシュフローは43億ドルで、純利益は40億ドルでした。調整後のフリーキャッシュフロー生産性は82%で、期待に添っています。調整後のフリーキャッシュフロー生産性は、営業キャッシュフローから資本支出を差し引いたもので、アルゼンチンでの事業の実質的な清算に伴う accumulated foreign currency translation losses の非現金費を除いた純利益の割合で計算されます。会社は、24億ドルを超える配当支払いと19億ドルを超える自己株式取得を通じて、シェアオーナーにほぼ44億ドルの現金を返還しました。
第1四半期（億ドル、epsを除く） | ||||||||||||||||||||||||||
米国会計原則 | 2025 | 2024 | % 変更 | 非GAAP * | 2025 | 2024 | % 変更 | |||||||||||||||||||
ネット売上高 | 21.7 | 21.9 | (1)% | 有機セールス | なし | なし | 2% | |||||||||||||||||||
希薄化後eps | 1.61 | 1.83 | (12)% | コアeps | 1.93 | 1.83 | 5% | |||||||||||||||||||
これらの指標の定義および関連するGAAP指標への調整については、展示1の非GAAP指標を参照してください。
「当社の有機成長、収益、キャッシュの結果は、1四半期に一歩前進し、財務年度の主要なすべての指標においてガイダンス範囲内での達成を実現するように私たちを導いています」と、取締役会主席兼最高経営責任者のJon Moeller氏は述べました。「当社は、日常使用カテゴリーの焦点を当てた製品ポートフォリオにおける成果がブランドの選択を促す、製品の性能、パッケージング、ブランドコミュニケーション、小売り施策、消費者・顧客価値を通じた卓越性、生産性、建設的な変革、そして迅速かつ責任ある組織に焦点を当てた統合的成長戦略に着実にコミットしています。私たちは、これがバランスの取れた成長と価値創造を実現するための正しい戦略であるとの自信を持っています。」
７月から９月の四半期に関する議論
2025会計年度第1四半期の純売上高は217億ドルで、前年比1パーセント減少しました。有機売上は、外国為替やM&Aおよび売却の影響を除外したもので、2パーセント増加しました。有機売上の増加は、価格上昇による1パーセントの増加と、（M&Aおよび売却の影響を除外した）1パーセントの有機出来高の増加によるものです。ミックスは四半期の売上成長に対してニュートラルな影響をもたらしました。
| 2024年7月〜9月 | 出来高 | 外国為替 | 価格 | Mix | 他 (2) | ネット売上高 | オーガニックの出来高 | 有機セールス | ||||||||||||||||||
売上高を推進する要因 (1) | ||||||||||||||||||||||||||
| 美容 | (2)% | (1)% | 1% | (3)% | —% | (5)% | —% | (2)% | ||||||||||||||||||
| 手入れ | 4% | (2)% | 1% | (3)% | —% | —% | 5% | 3% | ||||||||||||||||||
| ヘルスケア | (1)% | (1)% | 1% | 4% | (1)% | 2% | (1)% | 4% | ||||||||||||||||||
| ファブリック＆ホームケア | 1% | (1)% | —% | 1% | —% | 1% | 1% | 3% | ||||||||||||||||||
| ベビー、フェミニン＆ファミリーケア | (1)% | (1)% | —% | —% | —% | (2)% | (1)% | —% | ||||||||||||||||||
| P＆Gの総売上 | —% | (1)% | 1% | —% | (1)% | (1)% | 1% | 2% | ||||||||||||||||||
(1)ネット売上高の変化率は、定量的な計算式に基づいており、一貫して適用されます。
(2)その他には、買収および売却による販売ミックスの影響や、出来高を純売上高に調整するために必要な丸め処理の影響が含まれています。
•ビューティーセグメントの有機売上は前年比2%減少しました。ヘアケアの有機売上は、北米、ヨーロッパ、ラテンアメリカでの出来高成長と好ましいプレミアム製品ミックスにより低一桁の増加となりましたが、グレーターチャイナでの主に出来高の減少により一部相殺されました。パーソナルケアの有機売上は、革新に基づく出来高成長と好ましい製品ミックスにより高い一桁の増加となりました。スキンケアの有機売上は、超プレミアムブランドSk-IIの低い販売からの出来高の減少と不利なミックスにより20%以上減少しました。
•グルーミングセグメントのオーガニック売上高は、前年比3％増加しました。これは、革新による出来高の成長に裏打ちされていますが、不利な地理的なミックスによって一部相殺されました。
•ヘルスケアセグメントの有機売上高は前年比4％増加しました。オーラルケアの有機売上高は、プレミアム製品のミックスによるわずかな増加、主にグレーターチャイナでの出来高の減少により、低一桁増加しました。パーソナルヘルスケアの有機売上高は、呼吸器製品の成長や価格上昇による有利なミックスにより、中一桁増加しました。
•ファブリック・アンド・ホームケア部門の有機売上高は、前年比で3％増加しました。ファブリックケアの有機売上は、北米とヨーロッパでの成長による地理的なミックスの好調から、1桁の低い数値で増加しました。ホームケアの有機売上は、出来高の成長と商品ミックスの好調により、1桁の中間数値で増加しました。
•ベビー、フェミニンケア、家族ケアセグメントの有機純売上高は、前年比変わらずでした。ベビーケアの有機純売上高は出来高の低下により中1けた減少しましたが、好ましい製品ミックスにより部分的に相殺されました。フェミニンケアの有機純売上高は好ましい製品ミックスと価格の上昇により低1けた増加しましたが、国際市場における出来高の減少により部分的に相殺されました。家族ケアの有機純売上高は強い出来高成長により中1けた増加しました。
希薄化後の1株当たりの純利益は12%減の1.61ドルとなり、主にアルゼンチンを含む一部のエンタープライズマーケットでのオペレーションの大規模な清算に関連するリストラ担当高による減少が主な要因となりました。コアEPSは5%増の1.93ドルとなりました。通貨ベースでのコアEPSは前年比4%上昇しました。
四半期の報告された粗利率は前年比で10ベーシスポイント増加しました。四半期のコア粗利率は前年比で変化なしであり、通貨ベースでは10ベーシスポイント増加しました。粗利率生産性の節約からの170ベーシスポイントの利点と価格上昇からの30ベーシスポイントの利点が部分的に相殺されましたが、不利なベンチマークコストからの90ベーシスポイント、不利なミックスからの60ベーシスポイント、製品再投資からの40ベーシスポイントがありました。
売上高に対する報告された販売、一般管理および一般および管理費用（SG&A）の割合は、前年比でベースポイントが20ポイント減少しました。売上高に対する核となる販売、一般管理および一般および管理費用（SG&A）の割合は、前年比でベースポイントが30ポイント減少しましたが、通貨ニュートラルベースではベースポイントが30ポイント増加しました。この増加は、110ベースポイントの再投資によるもので部分的には60ベースポイントの生産性削減と20ベースポイントの有機的売上成長を活用した節約によって相殺されました。現在期間における為替の追い風は、前年期の外国為替の逆風の影響を上回りました。
四半期の報告された営業利益率は前年比で30ベーシスポイント増加しました。四半期のコア営業利益率も前年比で30ベーシスポイント増加し、通貨ニュートラル基準では10ベーシスポイント減少しました。コア営業利益率には、低売上高生産性の節約が230ベーシスポイント含まれています。
限られた市場ポートフォリオの再構築
2024年6月30日を終了した会計年度において、会社はエンタープライズマーケットを中心に、アルゼンチンやナイジェリアを含む特定の市場のビジネス運営の再構築を開始し、厳しいマクロ経済および財政状況に対処しました。2024年9月30日を終了した期間中、会社はこの限られた市場ポートフォリオの再構築を完了し、アルゼンチンでの事業の大幅な清算を行い、おおよそ追加の再編成費用を計上しました。
$8億の税金控除後の額は、主に、それまで他の包括利益/(損失)に含まれていた蓄積された外貨換算損失の非現金費用からなっています。2023年12月31日に終了した四半期から2024年9月30日に終了した四半期までのプログラムの下で発生した合計の再構築費用は、およそ$12億の税金控除後でした。
2025会計年度のガイダンスは、2024年6月3日時点での会社の見方を再確認しています。
P&Gは、2025会計年度の全セクター売上高成長予測範囲を、前年比2％から4％の範囲に維持しました。外国為替と売却によるマイナス要因が合わさり、全セクター売上成長は前年比約1ポイントマイナスになると予想されています。同社は有機売上成長の見通しも、3％から5％の範囲で維持しました。
P＆Gは、2025会計年度の希薄化後1株当たりの純利益成長率を、2024会計年度の希薄化後EPS 6.02ドルに対して、10％から12％の範囲に維持しました。P＆Gはまた、2025会計年度のコアEPS成長率を、2024会計年度のコアEPS 6.59ドルに対して、5％から7％の範囲に維持しました。この見通しは、株当たり6.91ドルから7.05ドルの範囲を示しており、中間点の見積もりは6.98ドルであり、6％増加しています。
P＆Gは、2025会計年度に税引き後約20000万ドルのベンチマークコストの逆風を予想しており、これは1株当たり0.08ドルの逆風に相当します。外国為替は今後、ニュートラルになる見込みです。
さらに、前期の財務年度には、マイナーブランドの売却による恩恵や有利な税制上の影響が含まれており、2025会計年度に同じ程度で繰り返される可能性は低いです。それらの影響を組み合わせると、これらはコアepsに対する追加の0.10から0.12ドルの逆風となります。
会社は、非 GAAP キャッシュフローや税率の前向きな調整を GAAP の結果に大幅に影響する可能性がある、取得、売却、または減損などの特定項目のタイミングと金額の不可予測性のため、合理的な努力なしに調整できません。
P&Gは、2025会計年度におけるコア実効税率が20％から21％の範囲にあると引き続き予想しています。
キャピタル支出は、2025会計年度の売上高の4％から5％の範囲で推定されます。
P&Gは、調整後のフリーキャッシュフロー生産性が90％であると予想し、配当額が約100億ドル支払われ、2025年度には6億ドルから70億ドルの普通株を買い戻すことを予期しています。
出典：Nutex Health, Inc。
当該リリースにおいて、純粋な歴史的情報以外の特定の記述、見積もり、予測、ビジネス計画、目標、予想される運営成績、およびそれらの記述が基づく仮定は、1995年の個人投資家訴訟改革法、1933年証券法第27条、および1934年証券取引法第21条の意味において"前向き見通し声明"とされます。これらの前向き見通しの記述は、一般的に"believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result"などの言葉によって特定されます。前向き見通しの記述は、現在の期待と仮定に基づいており、結果が前向き見通しの記述において明示または暗示されている内容と異なる可能性があるリスクや不確実性に影響を受ける可能性があります。新しい情報、将来の出来事その他の理由による限り、法的に義務付けられる範囲を超えることなく、前向き見通しの記述を一般的に更新または修正することはありません。
当社の将来を見据えた声明には以下のリスクと不確実性があります（制限なし）：（1）グローバル金融リスク、外国為替の変動、為替取引または価格管理などを含むリスクを成功裏に管理する能力；（2）市場成長率の低下を含む地域別やグローバル経済の変動、十分な収入とキャッシュフローを生み出し、会社が期待されるシェアの取り消しと配当支払いを行う能力；（3）政治および地政的状況の変化に関連する不確実性を成功裏に管理し、為替レートの変動、市場の収縮、ボイコット、制裁またはその他の取引コントロールなどの潜在的影響を生成する能力；（4）信用市場や銀行パートナーへの混乱の管理、および信用格付けへの変更の管理；（5）主要な製造および供給契約（サプライチェーンの最適化の実行と製造工場の独占サプライヤーおよび製造工場契約を含む）を維持し、天災、戦争行為、テロ、疫病など、当社のコントロール外の要因による事業の混乱の管理を行う能力を管理する；（6）原料や労働力、交通機関、エネルギー、年金、医療費などのコストの変動やプレッシャーの管理を成功裏に行う能力；（7）地域別およびグローバルな競合他社と新規および既存の販売チャンネルで競争し、製品の価格や促進インセンティブ、販売条件などの競争要因に成功裏に対応する能力；（8）主要な顧客関係を管理し維持する能力；（9）安全性、品質、成分、有効性、パッケージ内容、サプライチェーンの実践などに関する懸念を含む、現実的または想定上の問題を成功裏に管理して当社の評判とブランド資産を保護する能力；（10）サプライヤー、代理工メーカー、販売代理店、請負業者、外部ビジネスパートナーなど、サードパーティ関係に伴う財務、法的、評判および運用リスクを成功裏に管理できる能力；（11）当社の重要な企業情報およびサードパーティ情報や運用に頼り、これらを維持する能力
technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company's overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity and data protection, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to successfully achieve our ambition of reducing our greenhouse gas emissions and delivering progress towards our environmental sustainability priorities. For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.
About Procter & Gamble
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit https://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at https://www.pg.com/news.
# # #
P&G Media Contacts:
Wendy Kennedy, 513.780.7212
Jennifer Corso, 513.983.2570
P&G Investor Relations Contact:
John Chevalier, 513.983.9974
Category: PG-IR
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||||||||||||
| Consolidated Earnings Information | |||||||||||||||||
| Three Months Ended September 30 | |||||||||||||||||
| Amounts in millions except per share amounts | 2024 | 2023 | % Chg | ||||||||||||||
| NET SALES | $ | 21,737 | $ | 21,871 | (1)% | ||||||||||||
| Cost of products sold | 10,421 | 10,501 | (1)% | ||||||||||||||
| GROSS PROFIT | 11,316 | 11,371 | —% | ||||||||||||||
| Selling, general and administrative expense | 5,519 | 5,604 | (2)% | ||||||||||||||
| OPERATING INCOME | 5,797 | 5,767 | 1% | ||||||||||||||
| Interest expense | (238) | (225) | 6% | ||||||||||||||
| Interest income | 135 | 128 | 5% | ||||||||||||||
| Other non-operating income/(expense), net | (554) | 132 | (520)% | ||||||||||||||
| EARNINGS BEFORE INCOME TAXES | 5,140 | 5,802 | (11)% | ||||||||||||||
| Income taxes | 1,152 | 1,246 | (8)% | ||||||||||||||
| NET EARNINGS | 3,987 | 4,556 | (12)% | ||||||||||||||
| Less: Net earnings attributable to noncontrolling interests | 28 | 35 | (20)% | ||||||||||||||
| NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 3,959 | $ | 4,521 | (12)% | ||||||||||||
| EFFECTIVE TAX RATE | 22.4 | % | 21.5 | % | |||||||||||||
NET EARNINGS PER COMMON SHARE (1) | |||||||||||||||||
| Basic | $ | 1.65 | $ | 1.89 | (13)% | ||||||||||||
| Diluted | $ | 1.61 | $ | 1.83 | (12)% | ||||||||||||
| DIVIDENDS PER COMMON SHARE | $ | 1.0065 | $ | 0.9407 | |||||||||||||
| DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 2,466.0 | 2,475.2 | |||||||||||||||
| COMPARISONS AS A % OF NET SALES | Basis Pt Chg | ||||||||||||||||
| Gross profit | 52.1% | 52.0% | 10 | ||||||||||||||
| Selling, general and administrative expense | 25.4% | 25.6% | (20) | ||||||||||||||
| Operating income | 26.7% | 26.4% | 30 | ||||||||||||||
| Earnings before income taxes | 23.6% | 26.5% | (290) | ||||||||||||||
| Net earnings | 18.3% | 20.8% | (250) | ||||||||||||||
| Net earnings attributable to Procter & Gamble | 18.2% | 20.7% | (250) | ||||||||||||||
(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
Certain columns and rows may not add due to rounding.
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Consolidated Earnings Information | ||||||||||||||||||||
| Three Months Ended September 30, 2024 | ||||||||||||||||||||
| Amounts in millions | Net Sales | % Change Versus Year Ago | Earnings/(Loss) Before Income Taxes | % Change Versus Year Ago | Net Earnings/(Loss) | % Change Versus Year Ago | ||||||||||||||
| Beauty | $ | 3,892 | (5)% | $ | 1,067 | (15)% | $ | 840 | (13)% | |||||||||||
| Grooming | 1,723 | —% | 522 | (2)% | 426 | 1% | ||||||||||||||
| Health Care | 3,147 | 2% | 953 | 7% | 741 | 8% | ||||||||||||||
| Fabric & Home Care | 7,710 | 1% | 2,077 | 2% | 1,621 | 3% | ||||||||||||||
| Baby, Feminine & Family Care | 5,102 | (2)% | 1,383 | (2)% | 1,066 | (1)% | ||||||||||||||
| Corporate | 163 | N/A | (862) | N/A | (707) | N/A | ||||||||||||||
| Total Company | $ | 21,737 | (1)% | $ | 5,140 | (11)% | $ | 3,987 | (12)% | |||||||||||
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
Net Sales Drivers (1) | Volume | Organic Volume | Foreign Exchange | Price | Mix | Other (2) | Net Sales | ||||||||||||||||||||||||||||||||||
| Beauty | (2)% | —% | (1)% | 1% | (3)% | —% | (5)% | ||||||||||||||||||||||||||||||||||
| Grooming | 4% | 5% | (2)% | 1% | (3)% | —% | —% | ||||||||||||||||||||||||||||||||||
| Health Care | (1)% | (1)% | (1)% | 1% | 4% | (1)% | 2% | ||||||||||||||||||||||||||||||||||
| Fabric & Home Care | 1% | 1% | (1)% | —% | 1% | —% | 1% | ||||||||||||||||||||||||||||||||||
| Baby, Feminine & Family Care | (1)% | (1)% | (1)% | —% | —% | —% | (2)% | ||||||||||||||||||||||||||||||||||
| Total Company | —% | 1% | (1)% | 1% | —% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||
(1)Net sales percentage changes are approximations based on quantitative formulas that are consistently applied.
(2)Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.
Certain columns and rows may not add due to rounding.
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||||||
| Consolidated Statements of Cash Flows | |||||||||||
| Three Months Ended September 30 | |||||||||||
| Amounts in millions | 2024 | 2023 | |||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | $ | 9,482 | $ | 8,246 | |||||||
| OPERATING ACTIVITIES | |||||||||||
| Net earnings | 3,987 | 4,556 | |||||||||
| Depreciation and amortization | 728 | 702 | |||||||||
| Share-based compensation expense | 105 | 125 | |||||||||
| Deferred income taxes | 184 | 102 | |||||||||
| Loss/(gain) on sale of assets | 794 | (3) | |||||||||
| Change in accounts receivable | (134) | (830) | |||||||||
| Change in inventories | (188) | (142) | |||||||||
| Change in accounts payable and accrued and other liabilities | (648) | 857 | |||||||||
| Change in other operating assets and liabilities | (558) | (671) | |||||||||
| Other | 32 | 208 | |||||||||
| TOTAL OPERATING ACTIVITIES | 4,302 | 4,904 | |||||||||
| INVESTING ACTIVITIES | |||||||||||
| Capital expenditures | (993) | (925) | |||||||||
| Proceeds from asset sales | 45 | 3 | |||||||||
| Acquisitions, net of cash acquired | (6) | — | |||||||||
| Other investing activity | (154) | (300) | |||||||||
| TOTAL INVESTING ACTIVITIES | (1,108) | (1,222) | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Dividends to shareholders | (2,445) | (2,290) | |||||||||
| Additions to short-term debt with original maturities of more than three months | 4,090 | 2,179 | |||||||||
| Reductions in short-term debt with original maturities of more than three months | (571) | (1,906) | |||||||||
| Net additions/(reductions) to other short-term debt | (444) | 2,172 | |||||||||
| Reductions in long-term debt | (70) | (1,004) | |||||||||
| Treasury stock purchases | (1,939) | (1,500) | |||||||||
| Impact of stock options and other | 745 | 312 | |||||||||
| TOTAL FINANCING ACTIVITIES | (634) | (2,038) | |||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 116 | (156) | |||||||||
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,675 | 1,487 | |||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 12,156 | $ | 9,733 | |||||||
Certain columns and rows may not add due to rounding.
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| Amounts in millions | September 30, 2024 | June 30, 2024 | |||||||||
| Cash and cash equivalents | $ | 12,156 | $ | 9,482 | |||||||
| Accounts receivable | 6,314 | 6,118 | |||||||||
| Inventories | 7,287 | 7,016 | |||||||||
| Prepaid expenses and other current assets | 1,692 | 2,095 | |||||||||
| TOTAL CURRENT ASSETS | 27,449 | 24,709 | |||||||||
| Property, plant and equipment, net | 22,506 | 22,152 | |||||||||
| Goodwill | 40,970 | 40,303 | |||||||||
| Trademarks and other intangible assets, net | 22,053 | 22,047 | |||||||||
| Other noncurrent assets | 13,503 | 13,158 | |||||||||
| TOTAL ASSETS | $ | 126,482 | $ | 122,370 | |||||||
| Accounts payable | $ | 15,350 | $ | 15,364 | |||||||
| Accrued and other liabilities | 10,661 | 11,073 | |||||||||
| Debt due within one year | 10,409 | 7,191 | |||||||||
| TOTAL CURRENT LIABILITIES | 36,420 | 33,627 | |||||||||
| Long-term debt | 25,744 | 25,269 | |||||||||
| Deferred income taxes | 6,420 | 6,516 | |||||||||
| Other noncurrent liabilities | 5,757 | 6,398 | |||||||||
| TOTAL LIABILITIES | 74,341 | 71,811 | |||||||||
| TOTAL SHAREHOLDERS' EQUITY | 52,141 | 50,559 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 126,482 | $ | 122,370 | |||||||
Certain columns and rows may not add due to rounding.
The Procter & Gamble Company
Exhibit 1: Non-GAAP Measures
The following provides definitions of the non-GAAP measures used in Procter & Gamble's October 18, 2024 earnings release and the reconciliation to the most closely related GAAP measures. We believe that these measures provide useful perspective on underlying business trends (i.e., trends excluding non-recurring or unusual items) and results and provide a supplemental measure of period-to-period results. The non-GAAP measures described below are used by management in making operating decisions, allocating financial resources and for business strategy purposes. These measures may be useful to investors, as they provide supplemental information about business performance and provide investors a view of our business results through the eyes of management. Certain of these measures are also used to evaluate senior management and are a factor in determining their at-risk compensation. These non-GAAP measures are not intended to be considered by the user in place of the related GAAP measures but rather as supplemental information to our business results. These non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in method and in the items or events being adjusted. The Company is not able to reconcile its forward-looking non-GAAP cash flow and tax rate measures because the Company cannot predict the timing and amounts of discrete items such as acquisition and divestitures, which could significantly impact GAAP results.
The Core earnings measures included in the following reconciliation tables refer to the equivalent GAAP measures adjusted as applicable for the following items:
•Incremental restructuring: The Company has historically had an ongoing level of restructuring activities of approximately $250 - $500 million before tax. In the fiscal year ended June 30, 2024, the Company started a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. During the period ended September 30, 2024, the Company completed this limited market portfolio restructuring with the substantial liquidation of its operations in Argentina. The adjustment to Core earnings includes the restructuring charges that exceed the normal, recurring level of restructuring charges.
We do not view the above items to be part of our sustainable results, and their exclusion from core earnings measures provides a more comparable measure of year-on-year results. These items are also excluded when evaluating senior management in determining their at-risk compensation.
Organic sales growth: Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions and divestitures and foreign exchange from year-over-year comparisons. We believe this measure provides investors with a supplemental understanding of underlying sales trends by
providing sales growth on a consistent basis. This measure is used in assessing the achievement of management goals for at-risk compensation.
Core EPS and Currency-neutral EPS: Core earnings per share, or Core EPS, is a measure of diluted net earnings per common share (diluted EPS) adjusted for items as indicated. Currency-neutral EPS is a measure of the Company's Core EPS excluding the incremental current year impact of foreign exchange. Management views these non-GAAP measures as useful supplemental measures of Company performance over time.
Core gross margin and Currency-neutral Core gross margin: Core gross margin is a measure of the Company's gross margin adjusted for items as indicated. Currency-neutral Core gross margin is a measure of the Company's Core gross margin excluding the incremental current year impact of foreign exchange. Management believes these non-GAAP measures provide a supplemental perspective to the Company’s operating efficiency over time.
Core selling, general and administrative (SG&A) expense as a percentage of sales and Currency-neutral Core SG&A expense as a percentage of sales: Core SG&A expense as a percentage of sales is a measure of the Company's selling, general and administrative expense as a percentage of net sales adjusted for items as indicated. Currency-neutral Core SG&A expense as a percentage of sales is a measure of the Company's Core selling, general and administrative expense as a percentage of net sales excluding the incremental current year impact of foreign exchange. Management believes these non-GAAP measures provide a supplemental perspective to the Company's operating efficiency over time.
Core operating margin and Currency-neutral core operating margin: Core operating margin is a measure of the Company's operating margin adjusted for items as indicated. Currency-neutral core operating margin is a measure of the Company's core operating margin excluding the incremental current year impact of foreign exchange. Management believes these non-GAAP measures provide a supplemental perspective to the Company’s operating efficiency over time.
Adjusted free cash flow: Adjusted free cash flow is defined as operating cash flow less capital expenditures and excluding payments for the transitional tax resulting from the U.S. Tax Act. Adjusted free cash flow represents the cash that the Company is able to generate after taking into account planned maintenance and asset expansion. We view adjusted free cash flow as an important measure because it is one factor used in determining the amount of cash available for dividends, share repurchases, acquisitions and other discretionary investments.
Adjusted free cash flow productivity: Adjusted free cash flow productivity is defined as the ratio of adjusted free cash flow to net earnings excluding a non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina. We view adjusted free cash flow productivity as a useful measure to help investors understand P&G’s ability to generate cash.
Adjusted free cash flow productivity is used by management in making operating decisions, in allocating financial resources and for budget planning purposes. This measure is also used in assessing the achievement of management goals for at-risk compensation.
| THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES Reconciliation of Non-GAAP Measures | |||||||||||||||||||||||
| Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | ||||||||||||||||||||||
| Amounts in millions except per share amounts | As Reported (GAAP) | Incremental Restructuring | Core (Non-GAAP) | As Reported (GAAP) (1) | |||||||||||||||||||
| Cost of products sold | $ | 10,421 | $ | 20 | $ | 10,441 | $ | 10,501 | |||||||||||||||
| Gross profit | 11,316 | (20) | 11,295 | 11,371 | |||||||||||||||||||
| Gross margin | 52.1 | % | (0.1) | % | 52.0 | % | 52.0 | % | |||||||||||||||
| Currency impact to Core gross margin | 0.2 | % | |||||||||||||||||||||
| Currency-neutral Core gross margin | 52.1 | % | |||||||||||||||||||||
| Selling, general and administrative expense | 5,519 | (25) | 5,494 | 5,604 | |||||||||||||||||||
| Selling, general and administrative expense as a % of net sales | 25.4 | % | (0.1) | % | 25.3 | % | 25.6 | % | |||||||||||||||
| Currency impact to Core selling, general and administrative expense as a % of net sales | 0.6 | % | |||||||||||||||||||||
| Currency-neutral Core selling, general and administrative expense as a % of net sales | 25.9 | % | |||||||||||||||||||||
| Operating income | 5,797 | 5 | 5,802 | 5,767 | |||||||||||||||||||
| Operating margin | 26.7 | % | — | % | 26.7 | % | 26.4 | % | |||||||||||||||
| Currency impact to Core operating margin | (0.4) | % | |||||||||||||||||||||
| Currency-neutral Core operating margin | 26.3 | % | |||||||||||||||||||||
| Income taxes | 1,152 | (7) | 1,145 | 1,246 | |||||||||||||||||||
| Net earnings attributable to P&G | 3,959 | 801 | 4,761 | 4,521 | |||||||||||||||||||
| Core EPS | |||||||||||||||||||||||
Diluted net earnings per common share (2) | $ | 1.61 | $ | 0.32 | $ | 1.93 | $ | 1.83 | |||||||||||||||
| Currency impact to Core EPS | $ | (0.02) | |||||||||||||||||||||
| Currency-neutral Core EPS | $ | 1.91 | |||||||||||||||||||||
| Diluted weighted average common shares outstanding | 2,466.0 | 2,475.2 | |||||||||||||||||||||
Common shares outstanding - September 30, 2024 | 2,355.0 | ||||||||||||||||||||||
(1)For the period ending September 30, 2023, there were no adjustments to or reconciling items for Core EPS. (2)Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble. | |||||||||||||||||||||||
| CHANGE VERSUS YEAR AGO | |||||||||||||||||||||||
| Gross margin | 10 | BPS | |||||||||||||||||||||
| Core gross margin | — | BPS | |||||||||||||||||||||
| Currency-neutral Core gross margin | 10 | BPS | |||||||||||||||||||||
| Selling, general and administrative expense as a % of net sales | (20) | BPS | |||||||||||||||||||||
| Core selling, general and administrative expense as a % of net sales | (30) | BPS | |||||||||||||||||||||
| Currency-neutral Core selling, general and administrative as a % of net sales | 30 | BPS | |||||||||||||||||||||
| Operating margin | 30 | BPS | |||||||||||||||||||||
| Core operating margin | 30 | BPS | |||||||||||||||||||||
| Currency-neutral Core operating margin | (10) | BPS | |||||||||||||||||||||
| Diluted EPS | (12) | % | |||||||||||||||||||||
| Core EPS | 5 | % | |||||||||||||||||||||
| Currency-neutral Core EPS | 4 | % | |||||||||||||||||||||
Certain columns and rows may not add due to rounding.
Organic sales growth:
| July - September 2024 | Net Sales Growth | Foreign Exchange Impact | Acquisition & Divestiture Impact/Other (1) | Organic Sales Growth | |||||||||||||||||||
| Beauty | (5)% | 1% | 2% | (2)% | |||||||||||||||||||
| Grooming | —% | 2% | 1% | 3% | |||||||||||||||||||
| Health Care | 2% | 1% | 1% | 4% | |||||||||||||||||||
| Fabric & Home Care | 1% | 1% | 1% | 3% | |||||||||||||||||||
| Baby, Feminine & Family Care | (2)% | 1% | 1% | —% | |||||||||||||||||||
| Total Company | (1)% | 1% | 2% | 2% | |||||||||||||||||||
(1)Acquisition & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.
| Total Company | Net Sales Growth | Combined Foreign Exchange & Acquisition/Divestiture Impact/Other (1) | Organic Sales Growth | |||||||||||||||||
| FY 2025 (Estimate) | +2% to +4% | +1% | +3% to +5% | |||||||||||||||||
(1)Combined Foreign Exchange & Acquisition/Divestiture Impact/Other includes foreign exchange impacts, the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.
Core EPS growth:
| Total Company | Diluted EPS Growth | Impact of Incremental Non-Core Items (1) | Core EPS Growth | |||||||||||||||||
| FY 2025 (Estimate) | +10% to +12% | -5% | +5% to +7% | |||||||||||||||||
(1)Includes the impact of Gillette indefinite-lived intangible asset impairment charge and incremental non-core restructuring charges incurred in fiscal 2024 and the impact of incremental non-core restructuring charges including the limited market portfolio restructuring with the substantial liquidation of its operations in Argentina in fiscal 2025.
Adjusted free cash flow (dollar amounts in millions):
| Three Months Ended September 30, 2024 | ||||||||||||||||||||
| Operating Cash Flow | Capital Spending | U.S Tax Act Payments | Adjusted Free Cash Flow | |||||||||||||||||
| $4,302 | $(993) | $562 | $3,871 | |||||||||||||||||
Adjusted free cash flow productivity (dollar amounts in millions):
| Three Months Ended September 30, 2024 | ||||||||||||||||||||||||||
| Adjusted Free Cash Flow | Net Earnings | Adjustments to Net Earnings (1) | Net Earnings as Adjusted | Adjusted Free Cash Flow Productivity | ||||||||||||||||||||||
| $3,871 | $3,987 | $752 | $4,739 | 82% | ||||||||||||||||||||||
(1)Adjustments to Net earnings relate to a non-cash charge for accumulated foreign currency translation losses due to the substantial liquidation of operations in Argentina. | ||||||||||||||||||||||||||
Certain columns and rows may not add due to rounding.