“We delivered another quarter of steady progress,” said Bob McDonald, former chairman, president and chief executive officer who recently retired (for more on this personnel change, see p. 124). “Top-line growth was in line with our expectations. Market shares improved broadly.”
McDonald said strong cost savings enabled P&G to exceed its bottom line expectations, and the company expects to repurchase $6 billion in stock, which is at the high end of its estimated range. P&G is maintaining its organic sales growth guidance of 3-4% for the fiscal year, which ends June 30, 2013.