宝洁公司报告称，尽管经济不景气，第三季度仍实现温和增长，每股收益超出预期

尽管面临市场阻力，宝洁公司 (PG) 公布 2024 财年第三季度业绩小幅增长。净销售额小幅增长 1%，有机销售额增长 3%。值得注意的是，稀释后每股净利润 (EPS) 飙升 11% 至 1.52 美元，超出预期 0.11 美元。宝洁保持了强大的现金流管理，并通过股息和股票回购延续了股东回报的传统。该公司预计 2024 财年总销售额增长 2% 至 4%，稀释后每股净利润增长 1% 至 2%。

Procter & Gamble Reports Modest Growth in Fiscal Q3 Amidst Economic Challenges

宝洁公司报告第三季度财政在经济挑战中温和增长

January 25, 2023 - Cincinnati, Ohio

2023 年 1 月 25 日 - 俄亥俄州辛辛那提

The Procter & Gamble Company (NYSE: PG) has released its financial results for the third quarter of fiscal year 2024, demonstrating a resilient business model in the face of challenging market conditions.

宝洁公司（纽约证券交易所股票代码：PG）发布了 2024 财年第三季度的财务业绩，展示了面对充满挑战的市场条件时具有弹性的业务模式。

Slight Increase in Net Sales

净销售额小幅增长

The company's net sales marginally increased by 1% to reach $20.2 billion compared to the corresponding period in the previous fiscal year. This modest growth is attributed to the continued demand for P&G's essential consumer products.

与上一财年同期相比，该公司的净销售额小幅增长 1%，达到 202 亿美元。这种温和的增长归因于对宝洁基本消费品的持续需求。

Organic Sales Growth Driven by Pricing

定价推动有机销售增长

Excluding the impact of foreign exchange fluctuations, acquisitions, and divestitures, organic sales grew by a more robust 3%. This growth was primarily driven by a 3% increase from higher pricing, while volume and product mix remained largely neutral during the quarter.

剔除汇率波动、收购和资产剥离的影响，有机销售额增长了 3%，更为强劲。这一增长主要是由于定价上涨 3%，而本季度销量和产品组合基本保持中性。

Robust Diluted Net Earnings per Share

强劲的稀释每股净收益

Despite the moderate sales growth, the company's diluted net earnings per share (EPS) experienced a significant increase of 11% to $1.52, exceeding market expectations of $1.41. This growth is a reflection of both the increase in net sales and an improvement in core operating margin.

尽管销售额增长温和，但该公司的稀释后每股净利润（EPS）大幅增长11%至1.52美元，超出市场预期的1.41美元。这一增长反映了净销售额的增长和核心营业利润率的提高。

Strong Cash Flow Management

强大的现金流管理

P&G maintained its strong cash flow management during the quarter, with operating cash flow reaching $4.1 billion and net earnings totaling $3.8 billion. The company continued its commitment to shareholder returns, distributing approximately $3.3 billion through dividends and share repurchases.

宝洁本季度保持了强劲的现金流管理，运营现金流达到 41 亿美元，净利润总计 38 亿美元。该公司继续致力于股东回报，通过股息和股票回购分配了约 33 亿美元。

Resilient Business Model and Strategic Focus

弹性商业模式和战略重点

Jon Moeller, Chairman of the Board, President, and Chief Executive Officer, attributed P&G's performance to its resilient business model and strategic focus on key categories of daily-use products where brand choice is driven by performance.

董事会主席、总裁兼首席执行官乔恩·莫勒 (Jon Moeller) 将宝洁公司的业绩归功于其富有弹性的业务模式以及对日常用品关键类别的战略重点，其中品牌选择由业绩驱动。

"Despite multiple headwinds, we delivered solid sales and strong earnings growth," Moeller stated. "Our commitment to an integrated strategy focusing on product superiority, productivity, constructive disruption, and an agile and accountable organization has enabled us to navigate challenging times effectively."

默勒表示：“尽管面临多重阻力，我们仍实现了稳健的销售和强劲的盈利增长。” “我们致力于制定专注于产品优势、生产力、建设性颠覆以及敏捷、负责任的组织的综合战略，这使我们能够有效应对充满挑战的时期。”

Surpassing EPS Expectations

超越每股收益预期

P&G outperformed analysts' expectations in terms of diluted EPS, exceeding the estimated $1.41 by $0.11 or approximately 7.8%. This highlights the company's operational efficiency and cost management capabilities.

宝洁公司的摊薄每股收益超出了分析师的预期，比预期的 1.41 美元高出 0.11 美元，即约 7.8%。这凸显了公司的运营效率和成本管理能力。

Slightly Lower than Expected Revenue

收入略低于预期

While P&G's net sales were closely aligned with the predicted $20.44 billion, at $20.2 billion, it fell slightly short of the market consensus. This variance can be attributed to the challenging macroeconomic environment and headwinds from foreign exchange fluctuations.

尽管宝洁公司的净销售额为 202 亿美元，与预测的 204.4 亿美元非常接近，但仍略低于市场预期。这种差异可归因于充满挑战的宏观经济环境和外汇波动的不利因素。

Fiscal 2024 Outlook

2024 财年展望

Looking ahead, P&G maintains its fiscal 2024 guidance, expecting all-in sales growth in the range of 2% to 4% compared to the previous year. Organic sales growth is projected to be between 4% to 5%. The company has raised its diluted EPS growth forecast to a range of 1% to 2% versus fiscal 2023 EPS of $5.90, up from an initial forecast of -1% to inline.

展望未来，宝洁维持 2024 财年指引，预计总销售额较上年增长 2% 至 4%。有机销售增长预计在 4% 至 5% 之间。该公司已将稀释后每股收益增长预测上调至 1% 至 2%，而 2023 财年每股收益为 5.90 美元，高于最初预测的 -1% 至符合预期。

P&G anticipates facing headwinds from unfavorable foreign exchange rates and interest expenses but expects potential benefits from favorable commodity costs. The company remains focused on delivering shareholder value, with plans to pay over $9 billion in dividends and repurchase $5 to $6 billion of common shares in fiscal 2024.

宝洁公司预计将面临不利的汇率和利息支出带来的不利影响，但预计有利的商品成本将带来潜在的好处。该公司仍然专注于提供股东价值，计划在 2024 财年支付超过 90 亿美元的股息并回购 5 至 60 亿美元的普通股。

"Our strong brands, superior products, and a highly efficient supply chain position us well for continued growth in the years to come," Moeller said. "We remain confident in our ability to adapt to changing market dynamics and deliver superior results for our shareholders."

默勒表示：“我们强大的品牌、卓越的产品和高效的供应链使我们能够在未来几年持续增长。” “我们对适应不断变化的市场动态并为股东提供卓越业绩的能力仍然充满信心。”