Summary by Futu AI
Procter & Gamble (P&G) reported a 3% increase in net sales for the quarter ending December 31, 2023, reaching $21.4 billion, driven by higher pricing and favorable product mix, despite a 1% negative impact from foreign exchange. Organic sales, which exclude the impacts of acquisitions, divestitures, and foreign exchange, also rose by 4%. The Fabric & Home Care segment led with a 5% sales increase, while the Beauty segment saw a modest 1% rise. Operating income, however, fell by 7% to $4.4 billion, affected by a non-cash impairment charge on the Gillette intangible asset. Net earnings saw a 12% decrease to $3.5 billion, and diluted EPS dropped by 12% to $1.40. Core EPS, excluding charges for the Gillette impairment, increased by 16% to $1.84. P&G's business development was marked by growth across most segments...Show More