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P&G Delivers Third Quarter Core EPS of $0.99, Organic Sales Up 3%

  P&G Delivers Third Quarter Core EPS of $0.99, Organic Sales Up 3%

             Operating Earnings, EPS and Cash Flow Ahead of Plan,

     Results Fuel Increases in Dividend Rate and Share Repurchase Target

Business Wire

CINCINNATI -- April 24, 2013

The Procter & Gamble Company (NYSE:PG) increased core earnings per share by
five percent to $0.99 for the January – March quarter. Diluted net earnings
per share were $0.88, an increase of seven percent. Non-core items include
restructuring charges of $0.03 per share and a $0.08 per share charge from the
balance sheet revaluation resulting from the devaluation of the Venezuelan
currency in February.

Organic sales grew three percent. Net sales were $20.6 billion, an increase of
two percent versus the prior year period including a negative one percent
impact from foreign exchange.

P&G held or grew market share in businesses representing over 50 percent of
sales in the January - March quarter, as measured on a constant currency value
basis. In the U.S. market, P&G held or grew value share in businesses
representing two-thirds of sales.

“We delivered another quarter of steady progress,” said Chairman, President,
and Chief Executive Officer, Bob McDonald. “Top-line growth was in line with
our expectations. Market shares improved broadly. Strong cost savings enabled
us to exceed our outlook on the bottom line. We increased our dividend earlier
this month, and we are now projecting to repurchase $6 billion in stock, which
is at the high end of our estimated range. We expect further top-line
improvement in the fourth quarter, driven by innovation and portfolio
expansion, enabled by continued productivity improvement.”

Executive Summary

  *Organic sales increased three percent for the quarter.
  *Core net earnings per share increased five percent to $0.99.
  *Core operating profit margin increased 10 basis points, including 260
    basis points of productivity improvements and cost savings.
  *Core gross margin increased 20 basis points. Reported gross margin,
    including non-core restructuring charges, increased 50 basis points.
  *Core selling, general and administrative expenses (SG&A) as a percentage
    of net sales increased 10 basis points. Reported SG&A costs, including
    non-core items, increased 40 basis points as a percentage of sales.
  *Operating cash flow was $3.9 billion for the quarter.
  *The Company repurchased $1.0 billion of shares during the quarter and
    returned $1.6 billion of cash to shareholders as dividends.
  *Earlier this month, P&G announced it increased the quarterly dividend by
    seven percent.
  *The Company raised its share repurchase target to approximately $6 billion
    of stock for the fiscal year, the high end of its stated target range of
    $5 billion to $6 billion.

January – March Quarter Discussion

Net sales increased two percent to $20.6 billion in the January – March
quarter, including unfavorable foreign exchange of one percent. Organic sales
grew three percent on a unit volume increase of two percent and positive
pricing of one percent.

Diluted net earnings per share were $0.88, an increase of seven percent versus
the prior year period. Excluding non-core charges of $0.11 per share in the
current year, core earnings per share were $0.99, an increase of five percent
versus the prior year period.

Core gross margin increased 20 basis points. Manufacturing and productivity
savings improved gross margin by approximately 170 basis points with higher
pricing providing a 50 basis point improvement. These were partially offset by
the impact of unfavorable geographic and product mix and innovation and new
production capacity start-up costs. Reported gross margin, including non-core
restructuring charges increased 50 basis points. Core SG&A costs increased 10
basis points. Overhead cost savings of approximately 90 basis points was more
than offset by higher marketing spending. Including restructuring costs and
non-core impacts from the Venezuelan devaluation, reported SG&A increased 40
basis points.

Reported operating profit increased three percent. Core operating profit,
excluding non-core charges, increased two percent driven by the higher gross
margin, overhead productivity savings, and a lower core tax rate, partially
offset by an increase in marketing spending. The core tax rate was 22.2%, a
decrease of about one percentage point versus the prior year and consistent
with the Company’s guidance for the quarter. The reduction was primarily due
to the fiscal year to date impact of the U.S. corporate tax law changes made
in early January.

Fiscal Year 2013 Guidance

P&G is maintaining its organic sales growth guidance of three percent to four
percent for the fiscal year. Foreign exchange is expected to reduce sales
growth by two percent, resulting in guidance for all-in net sales growth of
one percent to two percent versus the prior year. The Company is increasing
the low end of the range of core earnings per share guidance for the year by
$0.02 to $3.96 to $4.04, up three percent to up five percent versus prior year
core EPS of $3.85, behind strong productivity improvement and resulting cost
savings. All-in earnings per share are expected to be in the range of $3.90 to
$3.98, equating to growth of seven percent to nine percent versus prior year
EPS of $3.66.

April – June 2013 Quarter Guidance

P&G is estimating organic sales growth in the range of three percent to four
percent for the April – June quarter. Foreign exchange is expected to decrease
net sales growth by two percent, resulting in net sales growth of one percent
to two percent versus the prior year period.

The Company expects June quarter core EPS in the range of $0.69 to $0.77. On
an all-in basis, P&G is forecasting diluted net earnings per share in the
range of $0.67 to $0.75. The all-in EPS guidance includes non-core
restructuring charges of $0.02 per share.

Business Segment Discussion

Beauty Segment

         Foreign                          Net          Organic   Organic        BT         AT
Volume     Exchange     Price     Mix     Other     Sales               Volume      Sales                 Earnings     Earnings
-1%        -1%          1%        -1%     0%        -2%                 -1%         -1%                   -3%          2%

Net sales decreased in Hair Care and Skin Care in a period of heavy
competitive product and promotional activity. Organic sales increased in Salon
Professional driven by strong innovation performance, partially offset by
market contraction. Beauty segment net earnings growth was driven by higher
pricing, manufacturing savings and a lower effective tax rate.

Grooming Segment

         Foreign                          Net          Organic   Organic        BT         AT
Volume     Exchange     Price     Mix     Other     Sales               Volume      Sales                 Earnings     Earnings
-2%        -1%          3%        -1%     -1%       -2%                 0%          2%                    12%          12%

Blades and razors net sales increased versus the prior year driven primarily
by innovation in the U.S. and pricing and product mix improvement in
developing regions. Net sales in Appliances decreased due to market
contraction, competitive activity and customer inventory adjustments. All-in
sales for the segment decreased due to the divestiture of the household
appliances business and negative foreign exchange. Grooming segment net
earnings increased due to higher pricing and overhead productivity savings,
partially offset by an increase in marketing spending.

Health Care Segment

         Foreign                          Net          Organic   Organic        BT         AT
Volume     Exchange     Price     Mix     Other     Sales               Volume      Sales                 Earnings     Earnings
5%         -1%          1%        2%      1%        8%                  5%          8%                    15%          20%

Oral Care net sales grew in developed and developing markets due to innovation
and portfolio expansion. Feminine Care net sales growth was driven by market
growth and innovation in developing regions, partially offset by market
softness and competitive activity in North America and Western Europe.
Personal Health Care delivered strong sales growth driven by new innovation,
market expansion and underlying market growth due to a stronger cold and flu
season versus the prior year. The significant increase in segment net earnings
was driven by strong sales growth and overhead productivity savings, partially
offset by higher marketing spending.

Fabric Care and Home Care Segment

         Foreign                          Net          Organic   Organic        BT         AT
Volume     Exchange     Price     Mix     Other     Sales               Volume      Sales                 Earnings     Earnings
3%         -1%          0%        -2%     0%        0%                  3%          1%                    -6%          -3%

Fabric Care organic sales growth was driven by strong innovations in all
regions, including Tide PODS in North America. Disproportionate growth in
developing regions resulted in negative geographic sales mix. Fabric Care net
sales were in line with the prior year due to negative foreign exchange. Home
Care delivered higher net sales due to product innovation, value interventions
and geographic expansion. Batteries net sales decreased primarily due to
customer inventory reductions following Hurricane Sandy and unfavorable
product mix, partially offset by growth in developing regions due to market
expansion. Fabric Care and Home Care segment net earnings decreased due to an
increase in marketing spending.

Baby Care and Family Care Segment

         Foreign                          Net          Organic   Organic        BT         AT
Volume     Exchange     Price     Mix     Other     Sales               Volume      Sales                 Earnings     Earnings
2%         -1%          2%        0%      0%        3%                  2%          4%                    4%           6%

Baby Care net sales increased driven by innovation and underlying market
growth. Family Care net sales increased behind new innovation and promotional
spending efficiency. Baby Care and Family Care segment net earnings growth was
driven by the increase in net sales and pricing-driven gross margin expansion.

                                                               
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Selected Financial Information
                                                                        
                  GAAP                                CORE (NON-GAAP)*
                  Three Months Ended March 31         Three Months Ended March
                                                      31
                  2013       2012       %             2013     2012     %
                                        Change                          Change
COST OF           10,344     10,237     1%            10,294   10,133   2%
PRODUCTS SOLD
                                                                        
GROSS PROFIT      10,254     9,957      3%            10,304   10,061   2%
                                                                        
SELLING,
GENERAL &         6,849      6,636      3%            6,435    6,278    3%
ADMINISTRATIVE
EXPENSE
                                                                        
OPERATING         3,405      3,299      3%            3,869    3,783    2%
INCOME
                                                                        
DILUTED NET EPS
FROM CONTINUING   $0.88      $0.81      9%            $0.99    $0.94    5%
OPERATIONS
                                                                        
                                        Basis                           Basis
                                        Pt                              Pt
COMPARISONS AS
A % OF NET                              Chg                             Chg
SALES
GROSS MARGIN      49.8 %     49.3 %     50            50.0 %   49.8 %   20
SELLING,
GENERAL &         33.3 %     32.9 %     40            31.2 %   31.1 %   10
ADMINISTRATIVE
EXPENSE
OPERATING         16.5 %     16.3 %     20            18.8 %   18.7 %   10
MARGIN
                                                                        
                                                                        
CASH FLOW (NINE MONTHS ENDED MARCH                             `
31) - SOURCE/(USE)
OPERATING CASH    10,481     9,311
FLOW
FREE CASH FLOW    8,055      6,648
DIVIDENDS         (4,797 )   (4,521 )
SHARE             (4,985 )   (4,023 )
REPURCHASE

*Core excludes incremental restructuring charges, balance sheet impact of
Venezuela devaluation, and impairment charges.

Forward-Looking Statements

Certain statements in this release or presentation, other than purely
historical information, including estimates, projections, statements relating
to our business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements generally
are identified by the words “believe,” “project,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue”, “will likely results,” and
similar expressions. Forward-looking statements are based on current
expectation and assumptions that are subject to risks and uncertainties which
may cause results to differ materially from the forward-looking statements. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether because of new information, future events or otherwise.

Risks and uncertainties to which our forward-looking statements are subject
include: (1) the ability to achieve business plans, including growing existing
sales and volume profitably and maintaining and improving margins and market
share, despite high levels of competitive activity, an increasingly volatile
economic environment, lower than expected market growth rates, especially with
respect to the product categories and geographical markets (including
developing markets) in which the Company has chosen to focus, and/or
increasing competition from mid- and lower tier value products in both
developed and developing markets; (2) the ability to successfully manage
ongoing acquisition, divestiture and joint venture activities to achieve the
cost and growth synergies in accordance with the stated goals of these
transactions without impacting the delivery of base business objectives; (3)
the ability to successfully manage ongoing organizational changes and achieve
productivity improvements designed to support our growth strategies, while
successfully identifying, developing and retaining particularly key employees,
especially in key growth markets where the availability of skilled or
experienced employees may be limited; (4) the ability to manage and maintain
key customer relationships; (5) the ability to maintain key manufacturing and
supply sources (including sole supplier and plant manufacturing sources); (6)
the ability to successfully manage regulatory, tax and legal requirements and
matters (including, but not limited to, product liability, patent,
intellectual property, price controls, import restrictions, environmental and
tax policy), and to resolve pending matters within current estimates; (7) the
ability to resolve the pending competition law inquiries in Europe within
current estimates; (8) the ability to successfully implement, achieve and
sustain cost improvement plans and efficiencies in manufacturing and overhead
areas, including the Company's outsourcing projects; (9) the ability to
successfully manage volatility in foreign exchange rates, as well as our debt
and currency exposure (especially in certain countries with currency exchange,
import authorization or pricing controls, such as Venezuela, China, India and
Argentina); (10) the ability to maintain our current credit rating and to
manage fluctuations in interest rate, increases in pension and healthcare
expense, and any significant credit or liquidity issues; (11) the ability to
manage continued global political and/or economic uncertainty and disruptions,
especially in the Company's significant geographical markets, due to a wide
variety of factors, including but not limited to, terrorist and other hostile
activities, natural disasters and/or disruptions to credit markets, resulting
from a global, regional or national credit crisis; (12) the ability to
successfully manage competitive factors, including prices, promotional
incentives and trade terms for products; (13) the ability to obtain patents
and respond to technological advances attained by competitors and patents
granted to competitors; (14) the ability to successfully manage increases in
the prices of commodities, raw materials and energy, including the ability to
offset these increases through pricing actions; (15) the ability to develop
effective sales, advertising and marketing programs; (16) the ability to stay
on the leading edge of innovation, maintain the positive reputation of our
brands and ensure trademark protection; and (17) the ability to rely on and
maintain key information technology systems and networks (including Company
and third-party systems and networks), the security over such systems and
networks, and the data contained therein. For additional information
concerning factors that could cause actual results to materially differ from
those projected herein, please refer to our most recent 10-K, 10-Q and 8-K
reports.

About Procter & Gamble

P&G serves approximately 4.6 billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®,
Pantene®, Mach3®, Bounty®, Dawn®, Fairy®,Gain®, Charmin®, Downy®, Lenor®,
Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®,
Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The
P&G community includes operations in approximately 75 countries worldwide.
Please visit http://www.pg.com for the latest news and in-depth information
about P&G and its brands.

                                    # # #

The Procter & Gamble Company

Exhibit 1: Non-GAAP Measures

In accordance with the SEC’s Regulation G, the following provides definitions
of the non-GAAP measures used in the earnings release and the reconciliation
to the most closely related GAAP measure.

Organic Sales Growth: Organic sales growth is a non-GAAP measure of sales
growth excluding the impacts of acquisitions, divestitures and foreign
exchange from year-over-year comparisons. We believe this provides investors
with a more complete understanding of underlying sales trends by providing
sales growth on a consistent basis. Organic sales is also one of the measures
used to evaluate senior management and is a factor in determining their
at-risk compensation.

The reconciliation of reported sales growth to organic sales is as follows:

                          Net        Foreign    Acquisition/   Organic
                           Sales        Exchange     Divestiture      Sales
JFM 2013                   Growth       Impact       Impact*          Growth
Beauty                     -2%          1%           0%               -1%
Grooming                   -2%          1%           3%               2%
Health Care                8%           1%           -1%              8%
Fabric Care and Home       0%           1%           0%               1%
Care
Baby Care and Family      3%         1%         0%             4%
Care
Total P&G                 2%         1%         0%             3%
                                                                      
                                                                      
                           Net          Foreign      Acquisition/     Organic
                           Sales        Exchange     Divestiture      Sales
Total P&G                  Growth      Impact       Impact*          Growth
AMJ 2013 (Estimate)        1% to 2%     2%           0%               3% to 4%
FY 2013 (Estimate)         1% to 2%     2%           0%               3% to 4%

*Acquisition/Divestiture Impact includes rounding impacts necessary to
reconcile net sales to organic sales.

Core EPS: This is a measure of the Company’s diluted net earnings per share
from continuing operations excluding charges in both years for incremental
restructuring due to increased focus on productivity and cost savings, the
current year charge from the balance sheet impact of the Venezuela
devaluation, charges in the prior year related to the European legal matters,
the current year holding gain on the buyout of our Iberian joint venture
partner, and prior year impairment charges for goodwill and indefinite lived
intangible assets. We do not view these items to be part of our sustainable
results. We believe the Core EPS measure provides an important perspective of
underlying business trends and results and provides a more comparable measure
of year-on-year earnings per share growth. Core EPS is also one of the
measures used to evaluate senior management and is a factor in determining
their at-risk compensation. The table below provides a reconciliation of
diluted net earnings per share to Core EPS:

                                                JFM 13            JFM 12
Diluted Net Earnings Per Share                    $0.88                $0.82
Snacks results of operations – Discontinued       -                    $(0.01)
Operations
Diluted Net Earnings Per Share-Continuing         $0.88                $0.81
Operations
Venezuela balance sheet devaluation impacts       $0.08                -
Impairment charges                                -                    $0.01
Incremental restructuring                         $0.03                $0.12
Core EPS                                          $0.99                $0.94
Core EPS Growth                                   5%
                                                                       
                                                                       
                                                  AMJ 13 (est.)        AMJ 12
Diluted Net Earnings Per Share                    $0.67 to $0.75       $1.24
Gain from snacks divestiture                                           ($0.48)
Snacks results of operations – Discontinued       -                    (0.02)
Operations
Diluted Net Earnings Per Share-Continuing         $0.67 to $0.75       $0.74
Operations
Incremental restructuring                         0.02                 0.08
Core EPS                                          $0.69 to $0.77       $0.82
Core EPS Growth                                   -16% to -6%
                                                                       
                                                                       
                                                 FY 2013 (est.)       FY 2012
Diluted Net Earnings Per Share                    $3.90 to $3.98       $3.66
Gain from snacks divestiture                      -                    (0.48)
Snacks results of operations – Discontinued       -                    (0.06)
Operations
Diluted Net EPS–Continuing Operations             $3.90 to $3.98       $3.12
Venezuela balance sheet devaluation impacts       $0.08                -
Impairment charges                                -                    $0.51
Incremental restructuring                         $0.19                $0.20
Charges for European legal matters                -                    $0.03
Gain on buyout of Iberian JV                      ($0.21)              -
Rounding/other impacts                            -                    ($0.01)
Core EPS                                          $3.96 to $4.04       $3.85
Core EPS Growth                                   3% to 5%

Note – All reconciling items are presented net of tax. Tax effects are
calculated consistent with the nature of the underlying transaction.

Core Operating Profit Growth/Core Operating Profit Margin: This is a measure
of the Company’s operating profit growth and operating profit margin adjusted
for the current and prior year charges related to incremental restructuring
due to increased focus on productivity and cost savings, the current year
charge from the balance sheet impact of the Venezuela devaluation, and prior
year impairment charges for goodwill and indefinite lived intangible assets:

                                               JFM 13    
Operating Profit Growth                           3%
Venezuela balance sheet devaluation impacts       10%
Incremental restructuring                         -10%
Impairment charges                                -1%
Core Operating Profit Growth                      2%
                                                                 
                                                                 
                                                  JFM 13         JFM 12
Operating Profit Margin                           16.5%          16.3%
Venezuela balance sheet devaluation impacts       1.7%           -
Incremental restructuring                         0.6%           2.4%
Core Operating Profit Margin                      18.8%          18.7%
Basis point change                                10
                                                                 

Core Gross Margin: This is a measure of the Company’s gross margin adjusted
for the current year charges related to incremental restructuring due to
increased focus on productivity and cost savings:

                              JFM 13     JFM 12
Gross Margin                      49.8%          49.3%
Incremental restructuring         0.2%           0.5%
Core Gross Margin                 50.0%          49.8%
Basis point change                20
                                                        

Core SG&A as a % of Net Sales: This is a measure of the Company’s SG&A as a %
of net sales adjusted for the current and prior year charges related to
incremental restructuring due to increased focus on productivity and cost
savings and the current year charge from the balance sheet impact of the
Venezuela devaluation:

                                                JFM 13     JFM 12
SG&A as a % NOS                                     33.3%          32.9%
Incremental restructuring                           -0.3%          -1.7%
Venezuela balance sheet devaluation impacts         -1.7%          -
Rounding                                            -0.1%          -0.1%
Core SG&A as a % NOS                                31.2%          31.1%
Basis point change                                  10
                                                                   

Free Cash Flow: Free cash flow is defined as operating cash flow less capital
spending. We view free cash flow as an important measure because it is one
factor in determining the amount of cash available for dividends and
discretionary investment. Free cash flow is also one of the measures used to
evaluate senior management and is a factor in determining their at-risk
compensation. The reconciliation of free cash flow is provided below (amounts
in millions):

                   Operating                        Free Cash
                  Cash Flow    Capital Spending    Flow
Jul ‘12-Mar ‘13       $10,481         ($2,426)               $8,055
Jul ‘11-Mar ‘12    $9,311       ($2,663)            $6,648
                                                             

Core Effective Tax Rate: This is a measure of the Company’s effective tax rate
adjusted for the current year charge from the balance sheet impact of the
Venezuela devaluation and the current year charges related to incremental
restructuring due to increased focus on productivity and cost savings. The
table below provides a reconciliation of the effective tax rate to the Core
tax rate:

                                                             JFM
                                                                2013
Effective Tax Rate                                              21.2%
Tax impact of Venezuela balance sheet devaluation impacts       1.1%
Incremental restructuring                                       -0.1%
Core Effective Tax Rate                                         22.2%
                                                                

                                                                        
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
                                                                     
                    Three Months Ended March 31       Nine Months Ended March 31
                                                                                      
                    2013        2012        % CHG      2013        2012        % CHG
NET SALES           $ 20,598    $ 20,194    2 %        $ 63,512    $ 63,468    0 %
COST OF PRODUCTS     10,344     10,237    1 %         31,574     31,894    (1)%
SOLD
GROSS PROFIT          10,254      9,957     3 %          31,938      31,574    1 %
SELLING, GENERAL
AND                   6,849       6,636     3 %          20,090      19,769    2 %
ADMINISTRATIVE
EXPENSE
GOODWILL AND
INTANGIBLES          -          22        (100)%      -          1,576     (100)%
IMPAIRMENT
CHARGES
OPERATING INCOME      3,405       3,299     3 %          11,848      10,229    16 %
INTEREST EXPENSE      163         179       (9)%         504         587       (14)%
OTHER
NON-OPERATING        46         67        (31)%       988        238       315 %
INCOME/(EXPENSE),
NET
EARNINGS FROM
CONTINUING            3,288       3,187     3 %          12,332      9,880     25 %
OPERATIONS BEFORE
INCOME TAXES
INCOME TAXES ON
CONTINUING            697         754       (8)%         2,812       2,776     1 %
OPERATIONS
                                                                                      
NET EARNINGS FROM
CONTINUING           2,591      2,433     6 %         9,520      7,104     34 %
OPERATIONS
                                                                                      
DISCONTINUED
OPERATIONS:
INCOME FROM
DISCONTINUED          -           56        (100)%       -           199       (100)%
OPERATIONS BEFORE
INCOME TAX
INCOME TAXES ON
DISCONTINUED         -          22        (100)%      -          66        (100)%
OPERATIONS
NET EARNINGS FROM
DISCONTINUED         -          34        (100)%      -          133       (100)%
OPERATIONS
                                                                                      
NET EARNINGS          2,591       2,467     5 %          9,520       7,237     32 %
LESS: NET
EARNINGS
ATTRIBUTABLE TO      25         56        (55)%       83         112       (26)%
NONCONTROLLING
INTERESTS
NET EARNINGS
ATTRIBUTABLE TO      2,566      2,411     6 %         9,437      7,125     32 %
PROCTER & GAMBLE
                                                                                      
EFFECTIVE TAX         21.2 %      23.7 %                 22.8 %      28.1 %
RATE
                                                                                      
                                                                                      
BASIC NET
EARNINGS PER
COMMON SHARE:
EARNINGS FROM
CONTINUING          $ 0.92      $ 0.84      10 %       $ 3.38      $ 2.47      37 %
OPERATIONS
EARNINGS FROM
DISCONTINUED        $ -         $ 0.01      (100)%     $ -         $ 0.05      (100)%
OPERATIONS
BASIC NET
EARNINGS PER        $ 0.92      $ 0.85      8 %        $ 3.38      $ 2.52      34 %
COMMON SHARE
                                                                                      
DILUTED NET
EARNINGS PER
COMMON SHARE:
EARNINGS FROM
CONTINUING          $ 0.88      $ 0.81      9 %        $ 3.22      $ 2.37      36 %
OPERATIONS
EARNINGS FROM
DISCONTINUED        $ -         $ 0.01      (100)%     $ -         $ 0.05      (100)%
OPERATIONS
DILUTED NET
EARNINGS PER        $ 0.88      $ 0.82      7 %        $ 3.22      $ 2.42      33 %
COMMON SHARE
                                                                                      
DIVIDENDS           $ 0.562     $ 0.525     7 %        $ 1.686     $ 1.575     7 %
DILUTED WEIGHTED
AVERAGE COMMON        2,930.7     2,937.8                2,927.6     2,944.9
SHARES
OUTSTANDING
                                                                                      
                                                                                      
COMPARISONS AS A                            Basis                              Basis
% OF NET SALES                              Pt Chg                             Pt Chg
GROSS MARGIN          49.8 %      49.3 %    50           50.3 %      49.7 %    60
SELLING, GENERAL
AND                   33.3 %      32.9 %    40           31.6 %      31.1 %    50
ADMINISTRATIVE
EXPENSE
GOODWILL AND
INTANGIBLES           0.0 %       0.1 %     (10    )     0.0 %       2.5 %     (250   )
IMPAIRMENT
CHARGES
OPERATING MARGIN      16.5 %      16.3 %    20           18.7 %      16.1 %    260
EARNINGS FROM
CONTINUING            16.0 %      15.8 %    20           19.4 %      15.6 %    380
OPERATIONS BEFORE
INCOME TAXES
NET EARNINGS FROM
CONTINUING            12.6 %      12.0 %    60           15.0 %      11.2 %    380
OPERATIONS
NET EARNINGS
ATTRIBUTABLE TO       12.5 %      11.9 %    60           14.9 %      11.2 %    370
PROCTER & GAMBLE
                                                                                      

                                                                                         
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
                                                                         
            Three Months Ended March 31, 2013
                              % Change          Earnings       %          Net            %
                                                from           Change     Earnings       Change
                              Versus            Continuing     Versus     From           Versus
                                                Operations                Continuing
                                                Before         Year                      Year
            Net Sales       Year Ago        Income       Ago      Operations   Ago
                                                Taxes
Beauty      $ 4,763           -2%               $ 692          -3%        $ 535          2%
Grooming    1,931             -2%               593            12%        444            12%
Health      3,274             8%                731            15%        493            20%
Care
Fabric
Care and    6,587             0%                1,087          -6%        693            -3%
Home Care
Baby Care
and         4,277             3%                939            4%         608            6%
Family
Care
Corporate   (234          )  N/A             (754       )  N/A      (182       )  N/A
Total       20,598            2%                3,288          3%         2,591          6%
Company
                                                                                                  
                                                                                 
            Three Months Ended March 31, 2013
            (Percent Change vs. Year Ago)*
            Volume            Volume
            With              Without
            Acquisitions/     Acquisitions/     Foreign                                           Net
                                                                                                  Sales
            Divestitures    Divestitures    Exchange     Price    Mix          Other   Growth
Beauty      -1%               -1%               -1%            1%         -1%            0%       -2%
Grooming    -2%               0%                -1%            3%         -1%            -1%      -2%
Health      5%                5%                -1%            1%         2%             1%       8%
Care
Fabric
Care and    3%                3%                -1%            0%         -2%            0%       0%
Home Care
Baby Care
and         2%              2%              -1%          2%       0%           0%      3%
Family
Care
Total       2%                2%                -1%            1%         0%             0%       2%
Company
                                                                                                  
                                                                          
            Nine Months Ended March 31, 2013
                              % Change          Earnings       %          Net            %
                                                from           Change     Earnings       Change
                              Versus            Continuing     Versus     From           Versus
                                                Operations                Continuing
                                                Before         Year                      Year
            Net Sales       Year Ago        Income       Ago      Operations   Ago
                                                Taxes
Beauty      $ 15,106          -3%               $ 2,682        1%         $ 2,070        3%
Grooming    6,057             -4%               1,922          3%         1,428          2%
Health      9,714             2%                2,222          0%         1,512          1%
Care
Fabric
Care and    20,711            0%                3,836          5%         2,502          10%
Home Care
Baby Care
and         12,598            2%                2,693          7%         1,731          9%
Family
Care
Corporate   (674          )  N/A             (1,023     )  N/A      277          N/A
Total       63,512            0%                12,332         25%        9,520          34%
Company
                                                                                                  
                                                                                 
            Nine Months Ended March 31, 2013
            (Percent Change vs. Year Ago)*
            Volume            Volume
            With              Without
            Acquisitions/     Acquisitions/     Foreign                                           Net
                                                                                                  Sales
            Divestitures    Divestitures    Exchange     Price    Mix          Other   Growth
Beauty      -2%               -1%               -2%            2%         -1%            0%       -3%
Grooming    -2%               0%                -4%            2%         0%             0%       -4%
Health      3%                2%                -3%            2%         1%             -1%      2%
Care
Fabric
Care and    2%                2%                -2%            1%         -1%            0%       0%
Home Care
Baby Care
and         3%              3%              -2%          2%       -1%          0%      2%
Family
Care
Total       1%                1%                -2%            2%         -1%            0%       0%
Company
                                                                                                  

                                                              
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                    
                                                   Nine Months Ended March 31
                                                   2013             2012
                                                                    
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     $ 4,436          $ 2,768
                                                                    
OPERATING ACTIVITIES
NET EARNINGS                                         9,520            7,237
DEPRECIATION AND AMORTIZATION                        2,188            2,427
SHARE BASED COMPENSATION EXPENSE                     250              277
DEFERRED INCOME TAXES                                75               (5     )
GAIN ON PURCHASE/SALE OF BUSINESSES                  (906   )         (201   )
GOODWILL AND INDEFINITE LIVED INTANGIBLES            -                1,576
IMPAIRMENT CHARGES
CHANGES IN:
ACCOUNTS RECEIVABLE                                  (504   )         (347   )
INVENTORIES                                          (492   )         (287   )
ACCOUNTS PAYABLE, ACCRUED AND OTHER                  (84    )         (1,558 )
LIABILITIES
OTHER OPERATING ASSETS & LIABILITIES                 483              131
OTHER                                               (49    )        61     
                                                                    
TOTAL OPERATING ACTIVITIES                          10,481         9,311  
                                                                    
INVESTING ACTIVITIES
CAPITAL EXPENDITURES                                 (2,426 )         (2,663 )
PROCEEDS FROM ASSET SALES                            559              290
ACQUISITIONS, NET OF CASH ACQUIRED                   (1,148 )         (4     )
PURCHASES OF AVAILABLE-FOR-SALE INVESTMENT           (1,504 )         -
SECURITIES
CHANGE IN INVESTMENTS                               (156   )        90     
                                                                    
TOTAL INVESTING ACTIVITIES                          (4,675 )        (2,287 )
                                                                    
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS                            (4,797 )         (4,521 )
CHANGE IN SHORT-TERM DEBT                            4,152            (122   )
ADDITIONS TO LONG-TERM DEBT                          2,253            3,985
REDUCTIONS OF LONG-TERM DEBT                         (3,749 )         (2,514 )
TREASURY STOCK PURCHASES                             (4,985 )         (4,023 )
IMPACT OF STOCK OPTIONS AND OTHER                   2,730          1,439  
                                                                    
TOTAL FINANCING ACTIVITIES                          (4,396 )        (5,756 )
                                                                    
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND         30             (45    )
CASH EQUIVALENTS
                                                                    
CHANGE IN CASH AND CASH EQUIVALENTS                 1,440          1,223  
                                                                    
CASH AND CASH EQUIVALENTS, END OF PERIOD           $ 5,876         $ 3,991  
                                                                    

                                                          
The Procter & Gamble Company and Subsidiaries
(Amounts in Millions)
Condensed Consolidated Balance Sheets
                                                                 
                                            March 31, 2013       June 30, 2012
                                                                 
CASH AND CASH EQUIVALENTS                   $    5,876           $   4,436
ACCOUNTS RECEIVABLE                              6,669               6,068
TOTAL INVENTORIES                                7,240               6,721
OTHER                                           4,513              4,685
TOTAL CURRENT ASSETS                             24,298              21,910
                                                                 
NET PROPERTY, PLANT AND EQUIPMENT                21,191              20,377
NET GOODWILL AND OTHER INTANGIBLE                86,806              84,761
ASSETS
OTHER NON-CURRENT ASSETS                        6,836              5,196
TOTAL ASSETS                                $    139,131         $   132,244
                                                                 
                                                                 
ACCOUNTS PAYABLE                            $    7,422           $   7,920
ACCRUED AND OTHER LIABILITIES                    8,892               8,289
DEBT DUE WITHIN ONE YEAR                        11,098             8,698
TOTAL CURRENT LIABILITIES                        27,412              24,907
                                                                 
LONG-TERM DEBT                                   21,125              21,080
OTHER                                           22,641             22,222
TOTAL LIABILITIES                               71,178             68,209
                                                                
TOTAL SHAREHOLDERS' EQUITY                      67,953             64,035
                                                                
TOTAL LIABILITIES & SHAREHOLDERS'           $    139,131         $   132,244
EQUITY

Contact:

P&G Media Contacts:
Paul Fox, 513-983-3465
Jennifer Chelune, 513-983-2570
or
P&G Investor Relations Contact:
John Chevalier, 513-983-9974