Procter & Gamble (NYSE:PG) saw shares rise Friday after the company reported quarterly earnings and revenue that beat analysts’ expectations. However, P&G released a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street’s estimates.
Revenue of $20.6 Billion beat projections by $610 Million.
CEO Jon Moeller commented: "As we look forward to fiscal 2024, we expect to deliver strong organic sales growth, EPS growth and free cash flow productivity – each in-line with our long-term growth algorithm, despite continued macroeconomic and geopolitical challenges. We remain committed to our strategy – a focus on daily use categories where performance drives brand choice, superiority (of product, package, communication, go-to-market execution and value), productivity, constructive disruption, and an agile and accountable organization structure and culture – all in pursuit of sustainable, balanced growth and value creation.”
All-in sales growth in the range of 3-4% versus the prior year; Organic sales growth in the range of 4-5%; diluted net earnings per share growth in the range of 6-9% versus fiscal 2023 EPS of $5.90; core effective tax rate to be approximately 20% in fiscal 2024; capital spending is estimated to be approximately 5% of fiscal 2024 net sales; 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.
PG shares soared $3.56, or 2.3%, to $155.67.
