Procter & Gamble’s third-quarter results met expectations, and the company says that it remains on track to deliver top- and bottom-line growth objectives for the fiscal year.
Net sales for the quarter remained flat at $20.6 billion, including a negative three-percentage point impact from foreign exchange. P&G delivered organic sales growth of 3% for the quarter.
Fiscal year 2014 core earnings per share were $1.04, an increase of 5% versus the prior year. On a currency-neutral basis, core earnings per share increased 17% for the quarter. Diluted net earnings per share were 90 cents, an increase of 2%.
“We’re operating in a slow-growth, highly competitive environment, which places even greater importance on strong innovation and productivity improvement. We’re delivering meaningful product innovations that are attracting more consumers to our brands. We’re making good progress on our productivity plans, with cost savings and enrollment reductions ahead of going-in targets for the year. We’re confident that the cumulative benefits from these innovations and productivity improvements will lead, over time, to improved value creation for consumers, customers and shareholders,” said chairman, president and CEO A.G. Lafley.
In the beauty segment, organic sales increased 2% from innovation in hair care, deodorants and personal cleansing, and market growth. This was partially offset by a sales decrease in salon professional and skin care primarily in Asia.
In grooming, organic sales increased 1% due to higher pricing and innovation on blades and razors and appliances, which was partially offset by geographic and product mix and market contraction in developed regions.