Procter & Gamble reported net sales of $20.1 billion for the third quarter of fiscal year 2023, up four percent from the previous year. Organic sales, which exclude the effects of foreign exchange and acquisitions and divestitures, increased seven percent. Operating cash flow was $3.9 billion and net income for the quarter was $3.4 billion. Diluted net earnings per share were $1.37[1], an increase of three percent compared to the prior year.
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Procter & Gamble has been paying dividends for 133 years
P&G raises dividend for 67th consecutive year
For the third quarter, diluted net earnings per share increased three percent to $1.37, driven by an increase in net sales, an increase in operating margin and a reduction in shares outstanding. As a result, currency-neutral EPS increased 13 percent compared to the prior year. In total, the company paid out $3.6 billion in proceeds to shareholders through dividends of approximately $2.2 billion and common stock repurchases of $1.4 billion. The dividend increase marks the 67th consecutive year that P&G has increased its dividend and the 133rd consecutive year that P&G has paid a dividend since its founding in 1890.
The company operates in 180 countries
Procter & Gamble is focused on providing branded consumer packaged goods to consumers around the world. The company operates through five segments: Beauty; Care; Healthcare; Fabric & Home Care; and Baby, Women & Family Care. The Company sells its products in approximately 180 countries and territories primarily through wholesalers, grocery stores, membership club stores, drugstores, department stores, distributors, children's stores, specialty beauty stores, e-tailers and pharmacies.
P&G resists high cost pressures
P&G said its current fiscal outlook for 2023 includes so-called headwinds of approximately $1.3 billion after-tax due to unfavorable exchange rates and $2.2 billion due to higher commodity and material costs. Together, these items represent an after-tax cost increase of $3.5 billion, or approximately $1.40 per share, compared to fiscal 2022.
Jon Moeller, Chairman, President and CEO, commented on the company's results: "In the third quarter of fiscal year 2023, we delivered strong results in what continues to be a very challenging cost and operating environment." He also stated that despite the challenges, the Company was able to maintain its Earnings Per Share ̶ EPS̶ growth targets despite continued pressure on production costs and increases in foreign exchange rates.
Conclusion
The company's Q3 results can be assessed as solid. P&G saw an increase in both net and organic sales. The net profit ratio also increased from the previous period. Diluted net earnings per share were $1.37, an increase of three percent over the prior year. Thus, Procter & Gamble has been true to its word to its shareholders for 133 years and has done something almost impossible: it has increased its dividend for the 67th consecutive year.
Evolution of the share price of & Gamble over the last 5 years. Source.
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Adam Austera, Principal Analyst at Ozios
* Past performance is no guarantee of future results
[1] Diluted earnings measures a company's earnings per share if all convertible securities have been converted into ordinary shares.
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