Procter & Gamble (NYSE:PG) shares fell Thursday, after the consumer goods giant posted mixed quarterly results.
The company reported revenue of $20.77 billion, slightly above a Refinitiv forecast of $20.73 billion. Procter’s earnings per share matched analyst expectations, coming in at $1.59. Additionally, the Dow component reiterated its full year earnings growth guidance, but said it sees earnings per shar share coming in at the low end of their expected range.
Operating cash flow was $3.6 billion, and net earnings were $4.0 billion for the quarter. Adjusted free cash flow productivity was 72%, which is calculated as operating cash flow, less capital spending, as a percentage of net earnings. The Company returned $4.2 billion of cash to shareholders via approximately $2.2 billion of dividend payments and $2 billion of common stock repurchases.
“We delivered solid results in the second quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment,” said CEO Jon Moeller. “Progress against our plan fiscal year to date enables us to raise our sales growth outlook for fiscal 2023 and maintain our guidance range for EPS growth despite significant headwinds. We remain committed to our integrated strategies of a focused product portfolio, superiority, productivity, constructive disruption and an agile and accountable organization 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.”
PG shares descended $1.31 to $144.19.
