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Q4 beauty segment organic sales increased 3%, grooming rose 7% and fabric and home care reported a 2% rise.
Net sales for Procter and Gamble increased 2% for FY 2024, with revenue unchanged in Q4 2024 at an increase of 0%.
“Fiscal year 2024 was another year of strong results for P&G,” said Jon Moeller, chairman of the board, president and CEO. “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.”
The company reported fiscal year 2024 net sales of $84.0 billion, an increase of 2% versus the prior year. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased 4%. Higher pricing contributed four points of growth to organic sales.
Diluted net earnings per share were $6.02, an increase of 2% versus prior year as the increase in net sales was partially offset by a non-cash charge to impair the carrying value of the Gillette trade name intangible asset and higher non-core restructuring charges. Core net earnings per share increased by 12% to $6.59. Currency-neutral core EPS increased 16% versus the prior year EPS.
The company returned over $14 billion of value to shareholders in fiscal 2024 via $9.3 billion in dividend payments and $5 billion of share repurchases. With the dividend increase in April 2024, this marks the 68th consecutive year that P&G has increased its dividend and the 134th consecutive year that P&G has paid a dividend since its incorporation in 1890.
The company reported fiscal year 2024 fourth quarter net sales of $20.5 billion, unchanged versus the prior year. A 1% increase in all-in volume and 1% increase due to higher pricing were offset by two percentage points of unfavorable foreign exchange impacts. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased 2%. Excluding the impacts of acquisitions and divestitures, organic volume increased 2%. Mix had a neutral impact on sales growth for the quarter.
Beauty segment organic sales increased 3% versus year ago. Skin and personal care organic sales were unchanged as growth from increased pricing was offset by lower sales of the super-premium SK-II brand and in Greater China. Hair Care organic sales increased high single digits driven by increased pricing and favorable product mix due to growth of premium products.
Grooming segment organic sales increased 7% versus year ago driven by increased pricing primarily in Latin America and volume growth from innovation.
Fabric and home care segment organic sales increased 2% versus year ago. Fabric care organic sales were unchanged as volume growth driven by North America and Europe was offset by lower pricing due to increased promotional spending. Home Care organic sales increased high single digits due to volume growth from innovation and favorable product mix.
P&G expects fiscal year 2025 all-in sales growth in the range of 2 to 4% versus the prior year. Foreign exchange is expected to be a headwind of approximately one percentage point to all-in sales growth. The company expects organic sales growth in the range of 3 to 5%.
The company said its outlook estimates a net headwind of around $500 million after-tax from unfavorable commodity costs and unfavorable foreign exchange. The net headwind equates to a $0.20 per share for fiscal 2025, or a three percentage drag on core EPS growth.
P&G said it expects a core effective tax rate to be in the range of 20% to 21% in fiscal 2025.
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.
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