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News Release | The Procter & Gamble Company |
One P&G Plaza | |
Cincinnati, OH 45202 |
P&G ANNOUNCES THIRD QUARTER EARNINGS |
Net Sales -1%; Organic Sales +1%; Diluted Net EPS $0.93, -4%; Core EPS $0.96, +12% |
January - March 2017 Net Sales Drivers* | Volume | Foreign Exchange | Price | Mix | Other** | Net Sales | Organic Volume | Organic Sales |
Beauty | (2)% | (1)% | 1% | —% | —% | (2)% | —% | 1% |
Grooming | —% | —% | (2)% | (4)% | —% | (6)% | —% | (6)% |
Health Care | 4% | (1)% | 1% | 1% | (1)% | 4% | 4% | 6% |
Fabric & Home Care | —% | (2)% | —% | —% | 1% | (1)% | 1% | 1% |
Baby, Feminine & Family Care | 1% | (1)% | —% | —% | (1)% | (1)% | 1% | 1% |
Total P&G | —% | (2)% | —% | —% | 1% | (1)% | 1% | 1% |
• | Beauty segment organic sales increased one percent versus year ago behind growth in Skin & Personal Care. Organic sales increased low single digits in Skin & Personal Care as the continued growth of the super-premium SK-II skin care brand offset lower volume in retail skin care. Organic sales in Hair Care were unchanged. |
• | Grooming segment organic sales decreased six percent due to lower volume and reduced pricing in Shave Care. Organic sales decreased high single digits globally in Shave Care due to competitive impacts in the U.S. Organic sales were up high single digits in Appliances driven by the continued success of innovation on Braun male shavers as well as styling tools. |
• | Health Care segment organic sales increased six percent behind higher organic volume in both Oral Care and Personal Health Care. Product innovation on power toothbrushes and continued marketing support drove a low single-digit increase in organic sales in Oral Care while Personal Health Care was up double digits due to market growth in the U.S. behind a strong cough & cold season along with increased pricing outside the U.S. |
• | Fabric and Home Care segment organic sales increased one percent versus year ago driven by higher organic volume in both Fabric Care and Home Care along with increased pricing in Fabric Care. Home Care organic sales decreased low single digits as increased volume due to product innovation and increased customer support was more than offset by unfavorable geographic mix. Fabric Care organic sales increased low single digits due to increased organic volume and favorable product mix from premium forms in developed markets and increased pricing in developing markets. |
• | Baby, Feminine and Family Care segment organic sales increased one percent driven by volume growth in Family Care and favorable mix in Feminine Care. Baby Care organic sales decreased low single digits due mainly to competitive activity. Feminine Care organic sales increased mid-single digits from favorable product mix due to Always Discrete premium innovation. Family Care organic sales grew low single digits driven primarily by product innovation and increased marketing support. |
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Favorable product mix increased net sales 1%, primarily driven by an increase in Oral Care power toothbrushes which have higher than average selling prices.
Favorable geographic mix increased net sales 1%, primarily driven by increased volume in developed regions, which have higher than segment-average selling prices.
These impacts were partially offset by an 80 basis point decline in other operating expense due to reduced net foreign exchange transactional costs and a gain on the sale of real estate.
These impacts were offset by a 100 basis point decline from unfavorable product mix primarily between segments caused by the disproportionate net sales declines in Beauty and Grooming, both of which have higher than company-average gross margins, and within segments due to disproportionate growth of lower margin products, a 80 basis point decline due to higher commodity costs, a 20 basis point negative impact from unfavorable foreign exchange and 30 basis points from other impacts, including costs incurred from tornado damage to a U.S. Family Care distribution facility.
These impacts were partially offset by a 50 basis point negative impact from unfavorable foreign exchange, a 60 basis point decline from unfavorable product mix primarily between segments caused by the lower relative proportion of sales in Beauty and Grooming, both of which have higher than company-average gross margins, and within segments due to disproportionate growth of lower margin products and 50 basis points of combined negative impact from higher commodities and other costs.
Diluted net earnings per share...Read more
Net earnings decreased 14% to...Read more
Net earnings decreased 12% to...Read more
Net earnings decreased 8% to...Read more
Net earnings decreased 6% to...Read more
Price increases contributed 1% to...Read more
Net earnings increased 3% to...Read more
Net earnings increased 12% to...Read more
Net earnings increased 6% to...Read more
The difference between the increase...Read more
Core net earnings per share...Read more
If we are not successful...Read more
Increased pricing added 1% to...Read more
Throughout the MD&A, we refer...Read more
Accounts receivable used $159 million...Read more
We also refer to a...Read more
The adjustment to Core earnings...Read more
These include: the incidental businesses...Read more
If we are unable to...Read more
Interest income was $123 million...Read more
These benefits were partially offset...Read more
These benefits were partially offset...Read more
Operating income increased 1% due...Read more
Unfavorable product mix reduced net...Read more
The operating margin improvement was...Read more
The decline was due to...Read more
Gross margin increased as the...Read more
The rate declined due to...Read more
Unfavorable geographic mix reduced net...Read more
Gross margin increased 40 basis...Read more
For information on risk factors...Read more
Savings generated from the restructuring...Read more
Diluted net earnings per share...Read more
A detailed discussion of risks...Read more
Increased pricing in response to...Read more
Volume in Family Care, which...Read more
Inventory consumed $145 million of...Read more
Gross margin increased due to...Read more
Organic volume was up mid-single...Read more
Management believes this measure provides...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Unfavorable foreign exchange reduced net...Read more
Net earnings decreased 6% to...Read more
Sales could also be adversely...Read more
Unfavorable geographic mix reduced net...Read more
Organic volume increased mid-single digits...Read more
Volume in Family Care, which...Read more
The difference between the decrease...Read more
Oral Care volume increased mid-single...Read more
Volume increased mid-single digits in...Read more
Volume decreased high single digits...Read more
Accounts payable, accrued and other...Read more
Volume in Baby Care decreased...Read more
Corporate net earnings increased in...Read more
We have strong short- and...Read more
In 2012, the Company initiated...Read more
Interest income was $46 million...Read more
Organic sales increased 1% driven...Read more
Organic sales increased 2% driven...Read more
Price increases contributed 1% to...Read more
The non-GAAP measures described below...Read more
Interest expense was $96 million...Read more
Beauty fiscal year to date...Read more
Net earnings from continuing operations...Read more
In the U.S., all-outlet share...Read more
Diluted net earnings per share...Read more
In the U.S., all-outlet share...Read more
Net earnings attributable to Procter...Read more
In accordance with the SECs...Read more
These measures may be useful...Read more
Beauty net sales decreased 2%...Read more
Marketing spending as a percentage...Read more
Organic volume increased low single...Read more
Interest expense was $349 million...Read more
The base period result was...Read more
This results in incremental restructuring...Read more
Organic sales increased 2% in...Read more
Health Care net sales increased...Read more
As part of this plan,...Read more
Over the past four years,...Read more
Our costs are subject to...Read more
The Core earnings measures included...Read more
Volume in Hair Care decreased...Read more
Volume in Hair Care decreased...Read more
We generated $9.1 billion of...Read more
Volume in Appliances increased double...Read more
Organic sales were unchanged on...Read more
Organic volume increased mid-single digits...Read more
Volume in Appliances increased high...Read more
Organic sales increased 2% on...Read more
Organic sales increased 1% on...Read more
Organic sales increased 6% on...Read more
Oral Care volume increased mid-single...Read more
Organic sales increased 7% on...Read more
Organic sales increased 1% on...Read more
Organic sales increased 2% on...Read more
Organic sales increased 1% on...Read more
Organic sales increased 1% on...Read more
Unit volume increased 1%....Read more
The effective tax rate on...Read more
The effective tax rate on...Read more
Gross margin decreased due to...Read more
Overhead costs as a percentage...Read more
Corporate net sales increased 28%...Read more
Unit volume increased 1% with...Read more
The Companys long-term target is...Read more
Corporate net earnings increased fiscal...Read more
Volume decreased low single digits...Read more
Overall, the costs and other...Read more
These forward-looking statements generally are...Read more
Health Care fiscal year to...Read more
Gross margin decreased slightly as...Read more
The increase was driven by...Read more
Volume was up double digits...Read more
Price increases added 1% to...Read more
Overhead costs as percent of...Read more
Our net earnings could be...Read more
Net earnings from discontinued operations...Read more
These measures are also used...Read more
Approximately 98% of the estimated...Read more
We believe that these measures...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Procter Gamble Co provided additional information to their SEC Filing as exhibits
Ticker: PG
CIK: 80424
Form Type: 10-Q Quarterly Report
Accession Number: 0000080424-17-000026
Submitted to the SEC: Wed Apr 26 2017 4:04:28 PM EST
Accepted by the SEC: Wed Apr 26 2017
Period: Friday, March 31, 2017
Industry: Soap Detergents Cleang Preparations Perfumes Cosmetics