The Procter & Gamble Company (P&G) has reported Q1 fiscal year 2023 net sales of $20.6 billion, an increase of 1% versus the prior year. Excluding the impacts of foreign exchange, acquisitions and divestitures, organic sales increased 7%. Diluted net earnings per share were $1.57, a decrease of two percent versus prior year EPS.
Operating cash flow was $4.1bn for the quarter. Adjusted free cash flow productivity was 86%. P&G returned nearly $6.3bn of cash to shareholders via approximately $2.3bn of dividend payments and $4bn of common stock repurchases.
“We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment,” said Jon Moeller, chairman of the board, president and CEO. “These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organisation structure. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to navigate through the near-term challenges we’re facing and continue to deliver balanced growth and value creation.”
View the full results here.
P&G announces fiscal year 2023 Q1 results
