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P&G Delivers First Quarter Core EPS of $1.05, Organic Sales Up 4%



  P&G Delivers First Quarter Core EPS of $1.05, Organic Sales Up 4%

Business Wire

CINCINNATI -- October 25, 2013

The Procter & Gamble Company (NYSE:PG) reported first quarter fiscal year 2014
diluted net earnings per share of $1.04, up eight percent versus the prior
year. Core earnings per share were $1.05, a decrease of one percent versus the
prior year. On a currency-neutral basis, core earnings per share increased
eight percent for the quarter. Net sales were $21.2 billion, an increase of
two percent, including a negative two percentage point impact from foreign
exchange. Organic sales grew four percent for the quarter.

“P&G’s first quarter results were consistent with our plans and expectations,
putting us on track to deliver our goals for the fiscal year,” said Chairman,
President, and Chief Executive Officer A.G. Lafley. “We have good market share
momentum, a number of strong innovations coming to market over the balance of
the year, and cost savings from productivity efforts that will continue to
build. We remain focused on driving innovation and productivity. We continue
to improve operating discipline and execution every day to create value for
consumers and shareowners.”

July – September Quarter Discussion

Net sales increased two percent to $21.2 billion in the July – September
quarter, including a negative two percentage point impact from foreign
exchange. Organic sales grew four percent. Organic sales were in-line or
higher versus the prior year in all reporting segments. Organic volume also
grew four percent. Pricing was unchanged versus the prior year.

                    Foreign                           Net           Organic   Organic
           Volume   Exchange   Price   Mix   Other*   Sales         Volume    Sales
Beauty      2%      -2%         0%     -1%    0%      -1%            2%       1%
Grooming   -1%      -2%         1%      0%   -1%      -3%            0%       1%
Health     -1%      -1%         2%     -1%    0%      -1%           -1%       0%
Care
Fabric
Care and    6%      -3%        -1%      1%    0%       3%            6%       6%
Home
Care
Baby,
Feminine
and         6%      -1%         0%      0%    0%       5%            6%       6%
Family
Care
Total       4%      -2%         0%      0%    0%       2%            4%       4%
P&G

* Other includes the sales mix impact from acquisitions/divestitures and
rounding impacts necessary to reconcile volume to net sales.

  * Beauty segment organic sales increased one percent driven by innovation in
    Hair Care, Deodorants, Cosmetics and Personal Cleansing, coupled with
    market growth. This was partially offset by a decrease in Skin Care sales
    and unfavorable geographic and product mix.
  * Grooming segment organic sales increased one percent due to higher pricing
    and innovation on Blades & Razors and Appliances, which were partially
    offset by unit volume market contraction in developed regions.
  * Health Care segment organic sales were in line with the prior year, as an
    increase in Personal Health Care was offset by a decrease in Pet Care. Pet
    Care sales were negatively impacted by the Natura product recalls. Segment
    earnings were down versus the prior year due to the impact of the Natura
    recalls and Oral Care geographic expansion investments.
  * Fabric Care and Home Care segment organic sales increased six percent with
    strong growth in each product category. Personal Power grew
    mid-single-digits driven by new distribution for Duracell batteries.
  * Baby, Feminine and Family Care segment organic sales increased six percent
    behind product innovation in North America on Baby Care and Family Care,
    as well as strong Baby Care market growth in developing regions.

Core earnings per share, which exclude non-core restructuring charges, were
$1.05, a decrease of one percent versus the prior year. Foreign exchange
reduced earnings by $0.09 per share, resulting in an eight percent increase in
core earnings per share on a currency-neutral basis. Diluted net earnings per
share were $1.04, an increase of eight percent versus the prior year.

Core operating profit margin decreased 70 basis points driven by a lower gross
margin, partially offset by a reduction in SG&A as a percentage of net sales.
Reported operating profit margin increased 50 basis points due to the scale
benefits of increased sales and lower restructuring spending, partially offset
by the lower gross margin. Gross margin decreased due to foreign exchange,
geographic and product mix, higher commodity costs, and manufacturing start-up
costs which were partially offset by manufacturing savings of 160 basis
points. SG&A as a percentage of sales decreased due to productivity savings of
40 basis points, lower restructuring spending and marketing spending
efficiencies.

Operating cash flow was $2.0 billion for the first quarter. The Company
repurchased $2.5 billion of common stock and returned $1.7 billion of cash to
shareholders as dividends.

Fiscal Year 2014 Guidance

P&G reiterated fiscal year 2014 guidance. The Company continues to expect
organic sales growth of three percent to four percent. All-in sales growth is
estimated in the range of one percent to two percent, including a negative
foreign exchange impact of approximately two percent. Core earnings per share
are expected to grow five percent to seven percent for the fiscal year, and
reported earnings per share are expected to grow in the range of seven percent
to nine percent.

P&G reminded investors that second quarter EPS growth rates will be impacted
by a gain of $0.07 per share in the base period from the divestiture of the
Western Europe bleach business. Also, the Company noted that it expects the
second quarter negative earnings impact from foreign exchange to be similar to
what it was in the first quarter.

The Company expects strong earnings growth in the second half of its fiscal
year behind continued top-line growth, productivity savings that will continue
to build throughout the year and more favorable foreign exchange base period
comparisons.

                                                                           
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Selected Financial Information
                                                                             
                 GAAP                               CORE (NON-GAAP)*
                 Three Months Ended September       Three Months Ended September
                 30                                 30
                 2013        2012        %          2013        2012        %
                                         Change                             Change
COST OF          $10,810     $10,350     4    %     $10,748     $10,249     5    %
PRODUCTS SOLD
                                                                             
GROSS PROFIT     10,395      10,389      0    %     10,457      10,490      0    %
                                                                             
SELLING,
GENERAL &        6,244       6,438       -3   %     6,239       6,216       0    %
ADMINISTRATIVE
EXPENSE
                                                                             
OPERATING        4,151       3,951       5    %     4,218       4,274       -1   %
INCOME
                                                                             
DILUTED NET
EPS FROM         $1.04       $0.96       8    %     $1.05       $1.06       -1   %
CONTINUING
OPERATIONS
                                                                             
                                         Basis                              Basis
                                         Pt                                 Pt
COMPARISONS AS
A % OF NET                               Chg                                Chg
SALES
GROSS MARGIN     49.0    %   50.1    %   (110 )     49.3    %   50.6    %   (130 )
SELLING,
GENERAL &        29.4    %   31.0    %   (160 )     29.4    %   30.0    %   (60  )
ADMINISTRATIVE
EXPENSE
OPERATING        19.6    %   19.1    %   50         19.9    %   20.6    %   (70  )
MARGIN
                                                                             
                                                                             
CASH FLOW (THREE MONTHS ENDED
SEPTEMBER 30) - SOURCE/(USE)
OPERATING CASH               2,044
FLOW
FREE CASH FLOW               1,319
DIVIDENDS                    (1,708  )
SHARE                        (2,502  )
REPURCHASE

*Core excludes incremental restructuring charges and European legal matters.

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 result,” 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, Argentina, China,
India and Egypt); (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 4.8 billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Ace®, Always®, Ambi Pur®, Ariel®, Bounty®,
Charmin®, Crest®, Dawn®, Downy®, Duracell®, Fairy®, Febreze®, Fusion®, Gain®,
Gillette®, Head & Shoulders®, Iams®, Lenor®, Mach3®, Olay®, Oral-B®, Pampers®,
Pantene®, Prestobarba®, SK-II®, Tide®, Vicks®, Wella® and Whisper®. The P&G
community includes operations in approximately 70 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
JAS 2013                         Growth     Impact     Impact*        Growth
Beauty                           -1%        2%         0%             1%
Grooming                         -3%        2%         2%             1%
Health Care                      -1%        1%         0%             0%
Fabric Care and Home Care        3%         3%         0%             6%
Baby, Feminine and Family Care   5%         1%         0%             6%
Total P&G                        2%         2%         0%             4%
                                                                       
                                 Net        Foreign    Acquisition/   Organic
                                 Sales      Exchange   Divestiture    Sales
Total P&G                        Growth     Impact     Impact*        Growth
FY 2014 (Estimate)               1% to 2%   2%         0%             3% to 4%

*Acquisition/Divestiture Impact includes volume and mix impacts of acquired
and divested businesses, as well as 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
excluding charges in both years for incremental restructuring due to increased
focus on productivity and cost savings and charges in the prior year related
to the European legal matters. 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:

                                       JAS 13      JAS 12
Diluted Net Earnings Per Share         $1.04       $0.96
Charges for European legal matters     -           $0.01
Incremental restructuring              $0.02       $0.09
Rounding impacts                       ($0.01)     -
Core EPS                               $1.05       $1.06
Core EPS Growth                        -1%
                                                    

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

Currency-neutral Core EPS: This is a measure of the Company’s Core EPS
excluding the impact of foreign exchange. We believe the currency-neutral Core
EPS measure provides a more comparable view of year-on-year earnings per share
growth.

                                       JAS 13        JAS 12
Diluted Net Earnings Per Share         $1.04         $0.96
Charges for European legal matters     -             $0.01
Incremental restructuring              $0.02         $0.09
Foreign exchange impact                $0.09         -
Rounding impacts                       ($0.01)       -
Currency-neutral Core EPS              $1.14         $1.06
Currency-neutral Core EPS Growth       8%
                                                      

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

Core Operating Profit Margin: This is a measure of the Company’s Operating
Margin adjusted for the current and prior year charges related to incremental
restructuring due to increased focus on productivity and cost savings and the
prior year charges for European legal matters:

                                       JAS 13       JAS 12
Operating Profit Margin                19.6%        19.1%
Incremental restructuring              0.3%         1.4%
Charges for European legal matters     -            0.1%
Core Operating Profit Margin           19.9%        20.6%
Basis point change                     -70
                                                     

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. The reconciliation of free cash flow is provided
below (amounts in millions):

               Operating                              Free Cash
               Cash Flow       Capital Spending       Flow
JAS 2013       $2,044          ($725)                 $1,319
                                                       

Free cash flow productivity: Free cash flow productivity is defined as the
ratio of free cash flow to net earnings. The Company’s long-term target is to
generate annual free cash flow at or above 90 percent of net earnings. Free
cash flow productivity is also a measure used to evaluate senior management
and is a factor in determining their at-risk compensation. The reconciliation
of adjusted free cash flow productivity is provided below (amounts in
millions):

               Free Cash                          Free Cash
               Flow            Net Earnings       Productivity
JAS 2013       $1,319          $3,057             43%
                                                   

                                                                 
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
                                                                   
                                            Three Months Ended September 30
                                                                   
                                            2013       2012       % CHG
NET SALES                                   $ 21,205   $ 20,739   2 %
COST OF PRODUCTS SOLD                       10,810     10,350     4 %
GROSS PROFIT                                10,395     10,389     0 %
SELLING, GENERAL AND ADMINISTRATIVE         6,244      6,438      (3)%
EXPENSE
OPERATING INCOME                            4,151      3,951      5 %
INTEREST EXPENSE                            165        172        (4)%
INTEREST INCOME                             21         19         11 %
OTHER NON-OPERATING INCOME, NET             5          28         (82)%
EARNINGS BEFORE INCOME TAXES                4,012      3,826      5 %
INCOME TAXES                                955        973        (2)%
NET EARNINGS                                3,057      2,853      7 %
LESS: NET EARNINGS ATTRIBUTABLE TO          30         39         (23)%
NONCONTROLLING INTERESTS
NET EARNINGS ATTRIBUTABLE TO PROCTER &      $ 3,027    $ 2,814    8 %
GAMBLE
                                                                   
EFFECTIVE TAX RATE                          23.8 %     25.4 %
                                                                   
                                                                   
BASIC NET EARNINGS PER COMMON SHARE:
BASIC NET EARNINGS PER COMMON SHARE         $ 1.09     $ 1.00     9 %
DILUTED NET EARNINGS PER COMMON SHARE       $ 1.04     $ 0.96     8 %
DIVIDENDS                                   $ 0.602    $ 0.562    7 %
DILUTED WEIGHTED AVERAGE COMMON SHARES      2,924.3    2,931.7
OUTSTANDING
                                                                   
                                                                   
                                                                   
COMPARISONS AS A % OF NET SALES                                   Basis Pt Chg
GROSS MARGIN                                49.0 %     50.1 %     (110)
SELLING, GENERAL AND ADMINISTRATIVE         29.4 %     31.0 %     (160)
EXPENSE
OPERATING MARGIN                            19.6 %     19.1 %     50
EARNINGS BEFORE INCOME TAXES                18.9 %     18.4 %     50
NET EARNINGS                                14.4 %     13.8 %     60
NET EARNINGS ATTRIBUTABLE TO PROCTER &      14.3 %     13.6 %     70
GAMBLE
                                                                   

                                                                                  
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
                                                                           
            Three Months Ended September 30, 2013
                           % Change                   %                   %
                                                      Change              Change
                           Versus          Earnings   Versus              Versus
                                           Before
            Net Sales      Year Ago        Income     Year     Net        Year
                                           Taxes      Ago      Earnings   Ago
Beauty      $   4,903      -1%             $  909     7%       $  690     5%
Grooming        1,956      -3%                601     -5%         453     -3%
Health          2,306      -1%                398     -18%        267     -17%
Care
Fabric
Care and        6,700      3%                 1,298   -2%         857     -2%
Home Care
Baby,
Feminine
and             5,503      5%                 1,121   0%          725     0%
Family
Care
Corporate       (163)      N/A                (315)   N/A         65      N/A
Total       $   21,205     2%              $  4,012   5%       $  3,057   7%
Company
                                                                                    
                                                                                    
                                                                                    
            Three Months Ended September 30, 2013
            (Percent Change vs. Year Ago)*
                           Volume
            Volume With    Without
            Acquisitions   Acquisitions/   Foreign                                 Net
            &                                                                      Sales
            Divestitures   Divestitures    Exchange   Price    Mix        Other    Growth
Beauty          2%         2%                 -2%     0%          -1%     0%       -1%
Grooming        -1%        0%                 -2%     1%          0%      -1%      -3%
Health          -1%        -1%                -1%     2%          -1%     0%       -1%
Care
Fabric
Care and        6%         6%                 -3%     -1%         1%      0%       3%
Home Care
Baby,
Feminine
and             6%         6%                 -1%     0%          0%      0%       5%
Family
Care
Total           4%         4%                 -2%     0%          0%      0%       2%
Company
                                                                                    
*These sales percentage changes are approximations based on quantitative
formulas that are consistently applied.
                                                                                    

                                                                 
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Cash Flows Information
                                                                 
                                               Three Months Ended September 30
                                               2013                2012
                                                                    
CASH AND CASH EQUIVALENTS, BEGINNING OF        $   5,947           $ 4,436
PERIOD
                                                                    
OPERATING ACTIVITIES
NET EARNINGS                                       3,057             2,853
DEPRECIATION AND AMORTIZATION                      771               710
SHARE BASED COMPENSATION EXPENSE                   84                79
DEFERRED INCOME TAXES                              (11       )       (18     )
GAIN ON PURCHASE/SALE OF BUSINESSES                (2        )       (17     )
CHANGES IN:
ACCOUNTS RECEIVABLE                                (3        )       (795    )
INVENTORIES                                        (452      )       (502    )
ACCOUNTS PAYABLE, ACCRUED AND OTHER                (809      )       64
LIABILITIES
OTHER OPERATING ASSETS & LIABILITIES               (731      )       397
OTHER                                              140               (1      )
                                                                    
TOTAL OPERATING ACTIVITIES                         2,044             2,770    
                                                                    
INVESTING ACTIVITIES
CAPITAL EXPENDITURES                               (725      )       (805    )
PROCEEDS FROM ASSET SALES                          2                 66
ACQUISITIONS, NET OF CASH ACQUIRED                 1                 12
CHANGE IN OTHER INVESTMENTS                        (124      )       (12     )
                                                                    
TOTAL INVESTING ACTIVITIES                         (846      )       (739    )
                                                                    
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS                          (1,708    )       (1,605  )
CHANGE IN SHORT-TERM DEBT                          1,862             1,033
ADDITIONS TO LONG-TERM DEBT                        1,073             2,225
REDUCTIONS OF LONG-TERM DEBT                       0                 (1,251  )
TREASURY STOCK PURCHASES                           (2,502    )       (2,584  )
IMPACT OF STOCK OPTIONS AND OTHER                  304               951      
                                                                    
TOTAL FINANCING ACTIVITIES                         (971      )       (1,231  )
                                                                    
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND        (52       )       66       
CASH EQUIVALENTS
                                                                    
CHANGE IN CASH AND CASH EQUIVALENTS                175               866      
                                                                    
CASH AND CASH EQUIVALENTS, END OF PERIOD       $   6,122           $ 5,302    
                                                                    
                                                                    
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Condensed Consolidated Balance Sheet
                                                                    
                                               September 30,       June 30,
                                               2013                2013
                                                                    
CASH AND CASH EQUIVALENTS                      $   6,122           $ 5,947
AVAILABLE-FOR-SALE INVESTMENTS SECURITIES          1,580             -
ACCOUNTS RECEIVABLE                                6,555             6,508
TOTAL INVENTORIES                                  7,394             6,909
OTHER                                              4,671             4,626    
TOTAL CURRENT ASSETS                               26,322            23,990
                                                                    
PROPERTY, PLANT AND EQUIPMENT, NET                 21,876            21,666
GOODWILL AND OTHER INTANGIBLE ASSETS, NET          87,589            86,760
OTHER NON-CURRENT ASSETS                           5,338             6,847    
                                                                    
TOTAL ASSETS                                   $   141,125         $ 139,263  
                                                                    
                                                                    
ACCOUNTS PAYABLE                               $   7,489           $ 8,777
ACCRUED AND OTHER LIABILITIES                      9,428             8,828
DEBT DUE WITHIN ONE YEAR                           16,300            12,432   
TOTAL CURRENT LIABILITIES                          33,217            30,037
                                                                    
LONG-TERM DEBT                                     18,480            19,111
OTHER                                              20,612            21,406   
TOTAL LIABILITIES                                  72,309            70,554   
                                                                    
TOTAL SHAREHOLDERS' EQUITY                         68,816            68,709   
                                                                    
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY       $   141,125         $ 139,263  

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
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