procter & gamble co/the (PG) Key Developments
Procter & Gamble Mulls Acquisitions
Jul 31 15
The Procter & Gamble Company (NYSE:PG) is looking for acquisitions. A.G. Lafley, Chief Excutive Officer of Procter & Gamble said "If it's not working, we'll change. We will make acquisitions in a year or two ahead. We will probably have another divestiture or two in the year ahead. But we'll change. If we can't compete in a business after 20 years, after five years, after 10 years, we'll get out of the business.
The Procter & Gamble Company Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2015; Provides Earnings Guidance for the Fiscal Year 2016
Jul 30 15
The Procter & Gamble Company announced consolidated earnings results for the fourth quarter and full year ended June 30, 2015. For the quarter, the company reported net sales of $17,790 million against $19,596 million a year ago. Operating income was $930 million against $3,162 million a year ago. Earnings from continuing operations before income taxes were $1,269 million against $3,149 million a year ago. Net earnings from continuing operations were $640 million or $0.22 diluted per share against $2,556 million or $0.87 diluted per share a year ago. Net earnings attributable to company were $521 million or $0.18 diluted per share against $2,579 million or $0.89 diluted per share a year ago. Core EPS was $1.00 against $0.93 a year ago. Net sales decreased 9% versus the prior year period driven by a negative 9% point impact from foreign exchange. Non-GAAP operating income was $3,223 million against $3,361 million a year ago. Non-GAAP diluted net EPS from continuing operations was $1.00 against $0.93 a year ago.
For the year, the company reported net sales of $76,279 million against $80,510 million a year ago. Operating income was $11,790 million against $14,740 million a year ago. Earnings from continuing operations before income taxes were $11,846 million against $14,337 million a year ago. Net earnings from continuing operations were $8,930 million or $3.06 diluted per share against $11,318 million or $3.86 diluted per share a year ago. Net earnings attributable to company were $7,036 million or $2.44 diluted per share against $11,643 million or $4.01 diluted per share a year ago. Total cash flow from operating activities was $14,608,000 against $13,958,000 a year ago. Capital expenditures were $3,736,000 against $3,848,000 a year ago. Core EPS was $4.02 against $4.09 a year ago. This excludes losses from discontinued operations driven by non-cash impairment charges related to the batteries business, the Venezuela charge, non-core restructuring charges, charges for European legal matters and balance sheet devaluation charges resulting from foreign exchange policy changes in Venezuela prior to the change in accounting. Adjusted net earnings were $4,187,000. Net sales were $76.3 billion, a decrease of 5% versus the prior year, including a negative 6% point impact from foreign exchange.
The company provided earnings guidance for the fiscal year 2016. For the year, the company expects diluted EPS growth in the range of 53% to 63% and non-core items in the range of 48% to 64%. The company said it expects fiscal year 2015 core EPS, which is based on earnings from continuing operations, to be restated from the $4.02 level reported above to approximately $3.77 per share. Strong operating profit growth is expected to be largely offset by a 6% to 7% point core EPS growth headwind from lower non-operating income and a higher core effective tax rate. The company noted that foreign exchange is estimated to be a 35 to 4% negative impact on core EPS growth, with the vast majority of this impact affecting the first-half of fiscal 2016.
Procter & Gamble Announces Group Earnings Results for the Second Quarter of 2015
Jul 29 15
Procter & Gamble announced group earnings results for the second quarter of fiscal 2015. The company's net profit recently fell by 17% to $2.2 billion for the quarter.
The Procter & Gamble Company Announces Executive Changes
Jul 28 15
On July 28, 2015, The Procter & Gamble Company announced that A.G. Lafley, Chairman of the Board, President and Chief Executive Officer, will step down from his position as President and Chief Executive Officer and has been elected Executive Chairman of the Board, effective November 1, 2015. On July 28, 2015, the company also announced that David Taylor (age 57), currently Group President Global Beauty, Grooming and Health Care, has been elected President and Chief Executive Officer, effective November 1, 2015, to serve the Board of Directors. Mr. Taylor has also been appointed as a member of the company's Board of Directors, effective immediately. Taylor joined P&G in May 1980 and started his career as a production manager in a Greenville, North Carolina, factory.
Procter & Gamble International Operations S. A. Asks Gillette India Ltd to Continue to Act as the Distributor of 'Duracell' Batteries
Jul 24 15
Gillette India Ltd. has informed that Procter & Gamble International Operations S. A. has asked the company to continue to act as the distributor of 'Duracell' batteries under the announced agreement till 29th January, 2016. The board of directors of Gillette India Limited have also been informed of the same. As a result, the company will continue to act as the distributor of 'Duracell' batteries till 29th January, 2016 and the agreement will stand terminated with effect from January 29, 2016. The company had earlier received intimation from Procter & Gamble International Operations S.A. for termination of the distribution agreement for 'Duracell' batteries with the company effective November 30, 2015.