P&G Boosts FY24 Core EPS Growth Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Tuesday, consumer goods giant Procter & Gamble Co. (PG) raised its core net earnings per share growth guidance for the full-year 2024, while maintaining its annual all-in sales growth outlook.

For fiscal 2024, the company now expects earnings per share to be between a decline of 1 percent and flat from the base fiscal 2023 earnings of $5.90 per share, implying earnings in a range of $5.31 to $5.90 per share. Previously, earnings per share were expected to grow 6 to 9 percent.

This change is due to the impairment of the Gillette intangible asset value discussed above and the two-year restructuring program announced by the Company last month.

However, P&G raised its core net earnings per share growth to a range of 8 to 9 percent from the prior outlook for a 6 to 9 percent growth. This outlook equates to a range of $6.37 to $6.43 per share.

Meanwhile, the company maintained its guidance range for fiscal 2024 all-in sales growth to be in the range of 2 to 4 percent and organic sales growth in the range of 4 to 5 percent.

The Street expects the company to report earnings of $6.41 per share on revenue growth of 3.4 percent to $84.81 billion for the year.

The Company added that its current outlook estimates headwinds of approximately $1.0 billion after-tax from unfavorable foreign exchange and tailwinds of approximately $800 million after tax due to favorable commodity costs.

P&G continues to expect adjusted free cash flow productivity of 90% and expects to pay more than $9 billion in dividends and to repurchase $5 to $6 billion of common shares in fiscal 2024.

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