P&G Delivers Double-Digit Earnings Growth on Strong Top Line Results

The Procter & Gamble Company, Cincinnati, OH, announced sales and earnings growth were above long-term targets in the third quarter. Executives said double-digit top line results were driven by strong organic volume growth across all business segments.

The company delivered earnings per share of $1.09, a 14% increase compared to prior year core earnings per share. Unit volume grew 20% and net sales increased 22%, including 5% from favorable foreign exchange. Net earnings increased 20% to $1.53 billion due to strong volume and continued gross margin improvement, which funded increased marketing investments, according to P&G. Diluted net earnings per share increased 20% to $1.09 and EPS increased 14%.

“We-re continuing to deliver sales and earnings growth above our long- term targets,” said chairman of the board, president and chief executive officer A. G. Lafley. “These strong results demonstrate the sustainability of our strategies and reflect the power of our brands, innovation program and go-to- market capability.”

Net sales growth includes a positive foreign exchange impact of5% driven primarily by continued strength of the Euro, British pound and Canadian dollar. The fabric and home care business delivered another quarter of excellent results with net sales up 17% to $3.58 billion. Beauty care also delivered strong double-digit volume, sales and earnings growth for the quarter with net sales up 48% to $4.47 billion, including a positive foreign exchange impact of 6%.