American multinational consumer goods corporation Procter & Gamble Company (P&G) has reported net sales of $84 billion in fiscal 2024 (FY24), marking a 2 per cent increase compared to the previous year. Organic sales, which exclude the impacts of foreign exchange, acquisitions, and divestitures, rose by 4 per cent.

P&G's diluted net earnings per share for the fiscal were $6.02, reflecting a 2 per cent increase from the prior year. Core net earnings per share saw a substantial rise of 12 per cent, reaching $6.59. On a currency-neutral basis, core EPS increased by 16 per cent compared to the previous year's EPS. The company generated net earnings of $15.0 billion for FY24, the company said in a press release.

“Fiscal 2024 was another year of strong results for P&G,” said Jon Moeller, chairman of the board, president and chief executive officer. “The team met or exceeded our going-in plans for organic sales growth, core EPS growth, cash generation and cash returned to shareowners in a challenging economic and geopolitical environment.”

In the fourth quarter of fiscal 2024 (April-June), P&G reported net sales of $20.5 billion. Organic sales for the quarter increased by 2 per cent. However, diluted net earnings per share for Q4 were $1.27, representing a 7 per cent decrease from the prior year. Core net earnings per share rose by 2 per cent to $1.40, while currency-neutral core EPS saw a 6 per cent increase versus the prior year.

The company's net earnings for the fourth quarter amounted to $3.1 billion, with an impressive adjusted free cash flow productivity of 148 per cent. Despite the overall positive performance, P&G's diluted net earnings per share of $1.27 for the quarter reflected a 7 per cent decline from the previous year.

P&G reported a gross margin increase of 120 basis points for the quarter compared to the previous year. However, the operating margin decreased by 140 basis points, primarily due to higher restructuring charges.

The health care segment reported a 4 per cent increase in organic sales compared to the previous year. The fabric and home care segment saw a 2 per cent rise in organic sales, while the Baby, Feminine, and Family Care segment experienced a 1 per cent decline in organic sales year-over-year.