American multinational consumer goods corporation Procter & Gamble Company (P&G) has reported net sales of $20.2 billion for the third quarter of fiscal 2024 (Q3 FY24), marking a 1 per cent increase compared to the same period last year.

P&G's organic sales, which adjust for the impacts of foreign exchange and any acquisitions or divestitures, showed a more robust growth of 3 per cent. This growth indicates the company's core business strength despite external economic fluctuations, the company said in a press release.

Notably, P&G reported a significant increase in its earnings, with diluted net earnings per share rising by 11 per cent to $1.52. However, the company faced a rise in selling, general, and administrative expenses, which increased by 210 basis points as a percentage of sales compared to the previous year. Even on a currency-neutral basis, selling, general, and administrative expenses were up by 170 basis points.

P&G's operating margin improved, increasing by 90 basis points over the prior year, or 220 basis points on a currency-neutral basis. This increase was significantly supported by gross productivity savings, which contributed 320 basis points to the operating margin.

“We delivered solid sales and strong earnings growth in the third quarter despite multiple headwinds, enabling us to raise our EPS growth guidance and maintain our top-line outlook for the fiscal,” said Jon Moeller, chairman of the board, president and chief executive officer. “We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority—across product performance, packaging, brand communication, retail execution and consumer and customer value—productivity, constructive disruption and an agile and accountable organisation.”