SlideShare a Scribd company logo
1 of 13
Download to read offline
The Procter & Gamble Company
                                                             One P&G Plaza
News Release                                                 Cincinnati, OH 45202

                                                                   FOR IMMEDIATE RELEASE

                  P&G DELIVERS STRONG SALES AND EPS GROWTH –
                          RAISES FISCAL YEAR OUTLOOK

                      Organic Sales Growth Above Long-Term Target,
                        Base Business EPS Growth of 19% to 20%

       CINCINNATI, May 3, 2006 – The Procter & Gamble Company (NYSE:PG) announced
earnings per share of $0.63 for the January – March quarter. Earnings per share grew behind
a six percent increase in organic sales coupled with significant expansion in both gross and
operating profit margin. The company’s organic sales increase was broad-based across all
business segments and in both developed and developing regions. Reported net sales, which
include the Gillette business, increased 21 percent, to $17.25 billion.


       “The combination of strong topline momentum, improving gross margins and good
progress on Gillette integration gives us the confidence to raise our EPS outlook for the fiscal
year,” said Chairman of the Board, President and Chief Executive A. G. Lafley. “P&G is
delivering strong, sustainable earnings growth despite Gillette dilution.    Excluding Gillette,
P&G is on track to deliver a fourth consecutive year of double digit EPS growth.”


Executive Summary
•   Unit volume for the quarter grew 22 percent, driven by solid organic growth in both
    developed and developing regions and the addition of the Gillette business.        Organic
    volume, which excludes the impacts of acquisitions and divestitures, increased five percent
    behind double digit developing market growth. Volume growth was broad-based behind
    product innovations that drove market share growth.


•   Net sales grew 21 percent to $17.25 billion. Organic sales, which exclude the impacts of
    acquisitions, divestitures and foreign exchange, increased six percent, exceeding the top
    end of the company’s base business long-term organic growth target range of three to five
    percent.



                                                                                       - More -
•   Net earnings increased 37 percent to $2.21 billion behind sales growth and significant
    margin improvement.      Operating margin increased by 160 basis points behind an
    expansion in gross margin of 110 basis points as the mix benefits of Gillette, along with
    volume growth, price increases and cost savings initiatives more than offset higher
    commodity costs.


•   Earnings per share were $0.63, up seven percent versus the prior year, including an
    estimated $0.07-$0.08 of dilution from the Gillette acquisition. Dilution from Gillette was
    within the company’s prior guidance range. Base business earnings per share, which
    exclude the impact of Gillette dilution, grew 19 to 20 percent. Earnings per share also
    benefited by $0.01 from a lower than expected tax rate due to a favorable tax settlement in
    the quarter.


Key Financial Highlights


•   Net sales increased 21 percent to $17.25 billion, including a negative three percent foreign
    exchange impact. Sales increased behind the addition of Gillette and five percent organic
    volume growth. Organic sales increased six percent in the quarter. Pricing increases and
    favorable product mix each added one percent to sales growth.


•   Gross margin expanded by 110 basis points in the quarter to 51.7%. Commodity cost
    increases had a negative impact on gross margin of about 100 basis points. Organic
    volume growth, pricing and cost savings projects roughly offset commodity cost increases
    while the mix benefit from adding the Gillette business drove margin expansion.


•   Selling, General and Administrative expenses (SG&A) as a percentage of sales improved
    by 60 basis points in the quarter. This was driven by strong organic sales growth, good
    overhead cost control and high base period marketing spending against new product
    initiatives.


•   The company’s operating cash flow was $3.44 billion during the quarter, an increase of 31
    percent, versus the prior year period. Operating cash improved behind the addition of
    Gillette and earnings growth on the base business. Working capital increased cash versus
    the prior year period due primarily to a reduction in accounts receivables during the
    quarter. Free cash flow, defined as operating cash flow less capital spending, was $2.80
    billion. Free cash flow productivity was 127 percent during the quarter, bringing the fiscal

                                               2
year to date free cash flow productivity to 96 percent, slightly ahead of the comparable
    prior year period. Capital spending for the quarter was 3.7% of sales.


•   The company repurchased $3.7 billion of P&G stock during the quarter as part of its
    previously announced Gillette share repurchase program, including some transactions that
    settled in April. This brings the cumulative value of shares purchased under the program
    to $15.8 billion. The company continues to expect to repurchase about $20 billion in total
    under the program and to complete the program by mid-calendar year 2006.


Business Segment Discussion


       The following provides perspective on the company’s January – March results by
business segment.


P&G Beauty
•   Beauty volume increased eight percent for the quarter behind solid organic volume growth
    and the addition of Gillette Personal Care. Organic volume increased four percent with
    broad-based growth across categories and double digit developing region growth. Skin
    Care volume increased double digits behind strong growth on Olay. Cosmetics volume
    decreased versus last year due to declines on Max Factor in North America resulting from
    more focused distribution. Retail Hair Care volume increased mid-single digits behind
    strong growth on Pantene, Head and Shoulders and Rejoice. Beauty net sales increased
    by six percent to $5.16 billion driven by the addition of Gillette Personal Care, organic
    volume growth and a one percent favorable product mix impact, partially offset by three
    percent of unfavorable foreign exchange trends. Organic sales increased five percent.
    Net earnings in Beauty increased 10 percent to $738 million behind the addition of Gillette,
    solid organic sales growth, reduced Wella integration costs and a more profitable product
    mix, partially offset by an increase in commodity costs and marketing investments.


P&G Family Health
•   Health Care volume increased 18 percent for the quarter, including the addition of Gillette
    Oral Care. Despite positive share trends across most businesses and regions, organic
    volume declined by one percent. Year-on-year comparisons were significantly impacted
    by a very strong base period in which volume grew 14 percent behind the rebuild of
    Prilosec OTC trade inventory following an allocation period. The prior year also benefited
    from a late flu season in North America and Western Europe. Importantly, market shares

                                               3
grew in Oral Care, Respiratory and on Prilosec OTC. Health Care net sales grew 21
    percent to $2.43 billion due primarily to the addition of Gillette Oral Care. Organic sales
    increased three percent. Favorable product mix in Pharmaceuticals and Personal Health
    and on the base Oral Care business added three percent to sales growth. In addition,
    previously announced price increases in Pharmaceuticals and Personal Health added one
    percent to sales growth, but were offset by one percent of unfavorable foreign exchange
    rate trends. Net earnings in Health Care grew 28 percent to $298 million, primarily behind
    the addition of the Gillette Oral Care business and margin expansion on the base
    business.


•   Baby Care and Family Care volume increased two percent in the quarter, with organic
    volume up three percent.     Baby Care volume increased in the low-single digits with
    developing regions up double digits behind strong market share results in China and in
    Central and Eastern Europe. In developed regions, market share on Pampers in North
    America was in-line with the prior year period while continued pricing pressure from private
    label brands drove some softness on the Luvs brand. Diaper market share remained
    strong in Western Europe at over 54%. Family Care organic volume grew in the mid-single
    digits, largely behind Bounty and on the continued success of the Charmin Basic initiative.
    Net sales in the segment were $3.03 billion, down one percent versus the prior year,
    including a negative three percent foreign exchange impact. Previously announced price
    increases in North America Baby Care, coupled with a late January increase in North
    America Family Care, added two percent to sales growth. Disproportionate growth in mid-
    tier products and in developing regions resulted in a negative two percent mix effect. Net
    earnings increased two percent to $326 million against a strong base period in which
    earnings increased 60% driven by 13 percent sales growth. Earnings growth was driven
    by organic sales growth and margin improvements.


P&G Household Care
•   Fabric Care and Home Care volume increased seven percent. Growth was broad-based
    across regions and across both Fabric Care and Home Care driven by continued
    successful initiative activity including Tide with Febreze, Bounce with Febreze, Gain Joyful
    Expressions, Bold Liquid Tablets and Febreze Noticeables. Net sales increased seven
    percent to $4.08 billion, including a negative two percent foreign exchange impact. Pricing
    activity, primarily in Latin America Fabric Care and North America Dish Care, added two
    percent to sales growth. Earnings grew 13 percent to $545 million behind sales growth
    and margin expansion. Operating margin expanded as volume growth, pricing activity and

                                               4
cost savings projects offset increased commodity costs and initiative marketing
    investments.


•   Snacks and Coffee volume increased three percent. Coffee volume increased mid-single
    digits as Folgers market share, which was impacted by disruptions related to Hurricane
    Katrina, returned to pre-hurricane levels during the quarter.     Snacks volume was flat
    versus the prior year period. Net sales for the segment increased four percent to $796
    million, including a negative two percent impact from unfavorable foreign exchange rate
    trends.   Sales benefited by three percent from previously announced Coffee price
    increases. Earnings were up 12 percent to $109 million driven by sales growth and an
    insurance recovery from Hurricane Katrina, which more than offset current quarter
    hurricane-related costs.


Gillette (comparisons are versus published pro forma results released on October 4, 2005)
•   Blades and Razors sales increased one percent during the quarter to $1.19 billion,
    including a negative two percent foreign exchange impact. The launch of Fusion in North
    America led to a significant increase in sales in the region but was partially offset by a
    decline in Western Europe. In Western Europe, sales were down despite a one point
    increase in market share to 75 percent. This was due to a very strong base comparison
    period that included the launch of M3Power and Venus Disposables. Additionally, sales
    were impacted by a planned reduction in distributor inventory levels in several developing
    countries in Asia where the Gillette business was integrated into existing P&G distributors.
    Overall, Blades and Razors volume/mix increased two percent and previously announced
    price increases added one percent to sales growth. Global market share on the Gillette
    Blades and Razors franchise grew roughly one point versus the prior year period to 73
    percent. Earnings before income taxes were $361 million, down 17 percent versus the
    prior year due primarily to increased amortization charges from purchase accounting
    adjustments that impacted earnings before income taxes by 20 percent.             Earnings
    benefited from strong sales in North America and synergy savings from overhead cost
    reductions, largely offset by increased marketing investment behind the Fusion launch and
    the sales declines in Western Europe and Asia. Net earnings for the segment were $265
    million in the quarter.


•   Duracell and Braun sales were $763 million, down one percent versus the prior year
    including three percent of unfavorable foreign exchange. In the Duracell business, market
    share growth and price increases taken in North America to compensate for rising

                                               5
commodity costs were more than offset by unfavorable foreign exchange, strong
   competitive activity in Western Europe and unfavorable mix due to a trend toward larger
   pack sizes. Braun sales increased in North America behind Tassimo, but were partially
   offset by unfavorable foreign exchange and strong competitive activity in Germany.
   Overall, volume/mix and pricing each contributed one percent to segment sales growth, but
   were offset by negative three percent of unfavorable foreign exchange. Earnings before
   income taxes increased one percent to $76 million, including purchase accounting
   adjustments that negatively impacted earnings before income taxes by 13 percent.
   Earnings grew ahead of sales primarily because of base period charges for the shutdown
   of the Lexington manufacturing facility and synergy savings from overhead cost reductions.
   In addition, cost savings efforts resulting largely from the Gillette Functional Excellence
   program more than offset the effect of increased commodity costs. Net earnings for the
   segment were $54 million in the quarter.


April - June and Fiscal Year Guidance


       For the current fiscal year, the company expects its fourth consecutive year of base
business growth at or above its long-term growth targets. Organic sales, which exclude the
impact of foreign exchange, acquisitions and divestitures, are expected to grow six to seven
percent. The sales growth estimate includes a positive one percent contribution from pricing
and mix. Foreign exchange is expected to have a negative one percent impact on sales
growth while acquisitions and divestitures are expected to add about 14 percent growth to
sales. Net sales are expected to grow 19 to 20 percent for the fiscal year.


       Earnings per share for the fiscal year are now expected to be between $2.61 and
$2.63. The company raised the mid-point of its earnings per share estimate by $0.02 due to
strong base business performance in the March quarter and the good progress the company is
making on the Gillette integration. The earnings per share estimate includes $0.19 - $0.23 of
Gillette dilution. The dilution estimate includes $0.10 to $0.11 of one-time expenses.


       In the April – June quarter, the company expects organic sales, which exclude the
impact of acquisitions, divestitures and foreign exchange, to grow four to six percent compared
to a very strong base period in which organic sales grew 9 percent. This includes up to one
percent impact from pricing and mix. Foreign exchange is estimated to have a negative one to
two percent impact on sales growth. Acquisitions and divestitures are expected to add 18 to
19 percent, resulting in net sales growth of 20 to 24 percent in the June quarter.

                                                6
Earnings per share for the June quarter are expected to be $0.52 to $0.54. This
reflects the timing change of the favorable tax settlement from the June quarter to the March
quarter as well as higher non-operating income in the June quarter versus the prior year
period due to higher interest income and the planned impact of divestitures. For the fiscal
year, the company continues to expect non-operating income to be down as a percentage of
total net earnings. The June earnings per share estimate includes $0.06 to $0.09 per share of
Gillette dilution. This dilution estimate includes one-time expenses of $0.03 - $0.04 per share.
Excluding the impact of Gillette dilution, earnings per share for the June quarter are expected
to be up high teens versus a strong year-ago base period.


Forward Looking Statements

       All statements, other than statements of historical fact included in this release, are
forward-looking statements, as that term is defined in the Private Securities Litigation Reform
Act of 1995. In addition to the risks and uncertainties noted in this release, there are certain
factors that could cause actual results to differ materially from those anticipated by some of the
statements made. These include: (1) the ability to achieve business plans, including with
respect to lower income consumers and growing existing sales and volume profitably despite
high levels of competitive activity, especially with respect to the product categories and
geographical markets (including developing markets) in which the Company has chosen to
focus; (2) the ability to successfully execute, manage and integrate key acquisitions and
mergers, including (i) the Company’s acquisition of The Gillette Company, and to achieve the
cost and growth synergies in accordance with the stated goals of the Gillette transaction, and
(ii) the Domination and Profit Transfer Agreement with Wella; (3) the ability to manage and
maintain key customer relationships; (4) the ability to maintain key manufacturing and supply
sources (including sole supplier and plant manufacturing sources); (5) the ability to
successfully manage regulatory, tax and legal matters (including product liability, patent, and
other intellectual property matters), and to resolve pending matters within current estimates;
(6) the ability to successfully implement, achieve and sustain cost improvement plans in
manufacturing and overhead areas, including the Company's outsourcing projects; (7) the
ability to successfully manage currency (including currency issues in volatile countries), debt
(including debt related to the Company’s announced plan to repurchase shares of the
Company’s stock), interest rate and certain commodity cost exposures; (8) the ability to
manage the continued global political and/or economic uncertainty and disruptions, especially
in the Company's significant geographical markets, as well as any political and/or economic
uncertainty and disruptions due to terrorist activities; (9) the ability to successfully manage
                                                7
competitive factors, including prices, promotional incentives and trade terms for products; (10)
the ability to obtain patents and respond to technological advances attained by competitors
and patents granted to competitors; (11) the ability to successfully manage increases in the
prices of raw materials used to make the Company's products; (12) the ability to stay close to
consumers in an era of increased media fragmentation; and (13) the ability to stay on the
leading edge of innovation. 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
       Three billion times a day, P&G brands touch the lives of people around the world. The
company has one of the strongest portfolios of trusted, quality, leadership brands, including
Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®,
Pringles®, Folgers®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Actonel®,
Duracell®, Olay®, Head & Shoulders®, Wella, Gillette®, and Braun. The P&G community
consists of almost 140,000 employees working in over 80 countries worldwide. Please visit
http://www.pg.com for the latest news and in-depth information about P&G and its brands.

                                           #   #   #

P&G Media Contact:
In the US: 1-866-PROCTER or 1-866-776-2837
International: +1-513-945-9087

P&G Investor Relations Contact:
Chris Peterson – 513-983-2414




                                               8
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.


       The reconciliation of reported sales growth to organic sales in the January – March
2006 quarter:
                                        Total P&G     P&G Beauty     Health Care    Baby and
                                                                                   Family Care
Total Sales Growth                         21%             6%              21%        -1%
Less: Foreign Exchange Impact               3%             3%              1%          3%
Less: Acquisition/Divestiture Impact       -18%           -4%              -19%        1%
Organic Sales Growth                        6%             5%              3%          3%


                                        Fabric and    Snacks and
                                        Home Care        Coffee
Total Sales Growth                          7%             4%
Less: Foreign Exchange Impact               2%             2%
Less: Acquisition/Divestiture Impact        0%             0%
Organic Sales Growth                        9%             6%


April-June 2005:
                                        Total P&G
Total Sales Growth                         10%
Less: Foreign Exchange Impact              -2%
Less: Acquisition/Divestiture Impact        1%
Organic Sales Growth                        9%




                                              9
Base Business EPS. Base EPS growth is defined as diluted earnings per share growth
on the company’s business excluding the impact of Gillette dilution. Management views this as
a more comparable measure of year-on-year earnings per share growth since the effects of
Gillette only impact the current year period. The following provides a reconciliation of Base
Business EPS and Base Business EPS growth in the March quarter versus the comparable
prior year period:


   Diluted EPS per Share (January-March 2006)              $0.63
 Gillette Dilution Impact (January – March 2006)      $0.07 - $0.08
    Base Business EPS (January – March 2006)          $0.70 - $0.71


            Diluted EPS (January – March 2005)             $0.59
                        Base Business EPS Growth         19% - 20%




       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.


       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 free cash at or
above 90 percent of net earnings.       Free cash flow is also one of the measures used to
evaluate senior management.         The reconciliation of free cash flow and free cash flow
productivity is provided below ($ millions):


                     Operating     Capital     Free Cash      Net      Free Cash Flow
                     Cash Flow    Spending        Flow      Earnings     Productivity
Jan - Mar ’06         $3,439       $(637)        $2,802      $2,211         127%
                      $8,185      $(1,666)      $6,519       $6,786         96%
Jul - Mar ’06
                      $6,589      $(1,386)      $5,203       $5,531         94%
Jul - Mar ’05




                                                 10
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                              (Amounts in Millions Except Per Share Amounts)
                                                   Consolidated Earnings Information


                                                                   JFM QUARTER                                              FYTD

                                                      JFM 06            JFM 05        % CHG             3/31/2006          3/31/2005       % CHG
NET SALES                                         $     17,250      $     14,287         21 %       $        50,380    $        42,483        19 %
 COST OF PRODUCTS SOLD                                   8,340             7,055         18 %                24,231             20,563        18 %
GROSS MARGIN                                             8,910             7,232         23 %                26,149             21,920        19 %
 SELLING, GENERAL & ADMINISTRATIVE EXPENSE               5,559             4,690         19 %                15,849             13,607        16 %
OPERATING INCOME                                         3,351             2,542         32 %                10,300              8,313        24 %
 TOTAL INTEREST EXPENSE                                    301               222                                819                603
 OTHER NON-OPERATING INCOME, NET                            79                60                                221                297
EARNINGS BEFORE INCOME TAXES                             3,129             2,380            31 %              9,702              8,007           21 %
 INCOME TAXES                                              918               766                              2,916              2,476

NET EARNINGS                                             2,211             1,614            37 %             6,786              5,531            23 %

EFFECTIVE TAX RATE                                      29.3 %            32.2 %                            30.1 %             30.9 %


PER COMMON SHARE:
 BASIC NET EARNINGS                               $       0.67      $       0.63             6%     $         2.22     $         2.15             3%
 DILUTED NET EARNINGS                             $       0.63      $       0.59             7%     $         2.10     $         2.01             4%
 DIVIDENDS                                        $       0.28      $       0.25                    $         0.84     $         0.75
AVERAGE DILUTED SHARES OUTSTANDING                     3,510.5           2,730.3                           3,235.4            2,749.4




COMPARISONS AS A % OF NET SALES                                                      Basis Pt Chg                                         Basis Pt Chg
 COST OF PRODUCTS SOLD                                  48.3   %          49.4   %          (110)           48.1   %           48.4   %           (30)
 GROSS MARGIN                                           51.7   %          50.6   %           110            51.9   %           51.6   %            30
 SELLING, GENERAL & ADMINISTRATIVE EXPENSE              32.2   %          32.8   %           (60)           31.5   %           32.0   %           (50)
 OPERATING MARGIN                                       19.4   %          17.8   %           160            20.4   %           19.6   %            80
 EARNINGS BEFORE INCOME TAXES                           18.1   %          16.7   %           140            19.3   %           18.8   %            50
 NET EARNINGS                                           12.8   %          11.3   %           150            13.5   %           13.0   %            50
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                                       (Amounts in Millions)
                                                Consolidated Cash Flows Information

                                                                                      Nine Months Ended March 31
                                                                                            2006                               2005

BEGINNING CASH                                                                                 6,389                          4,232

OPERATING ACTIVITIES
  NET EARNINGS                                                                                 6,786                          5,531
  DEPRECIATION AND AMORTIZATION                                                                1,891                          1,403
  SHARE-BASED COMPENSATION EXPENSE                                                               400                            370
  DEFERRED INCOME TAXES                                                                          116                            445
  CHANGES IN:
    ACCOUNTS RECEIVABLE                                                                         (250)                         (197)
    INVENTORIES                                                                                 (161)                         (778)
    ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES                                             (582)                         (115)
    OTHER OPERATING ASSETS & LIABILITIES                                                         (81)                         (221)
  OTHER                                                                                           66                           151

TOTAL OPERATING ACTIVITIES                                                                     8,185                          6,589

INVESTING ACTIVITIES
  CAPITAL EXPENDITURES                                                                        (1,666)                     (1,386)
  PROCEEDS FROM ASSET SALES                                                                      352                         368
  ACQUISITIONS, NET OF CASH ACQUIRED                                                             216                        (528)
  CHANGE IN INVESTMENT SECURITIES                                                                491                         (56)

TOTAL INVESTMENT ACTIVITIES                                                                     (607)                     (1,602)

FINANCING ACTIVITIES
  DIVIDENDS TO SHAREHOLDERS                                                                (2,645)                        (1,998)
  CHANGE IN SHORT-TERM DEBT                                                                (6,009)                         1,317
  ADDITIONS TO LONG TERM DEBT                                                              17,136                          3,048
  REDUCTION OF LONG TERM DEBT                                                              (4,367)                        (1,583)
  PROCEEDS FROM THE EXERCISE OF STOCK OPTIONS AND OTHER                                     1,119                            406
  TREASURY PURCHASES                                                                      (10,596)                        (3,580)

TOTAL FINANCING ACTIVITIES                                                                    (5,362)                     (2,390)

EXCHANGE EFFECT ON CASH                                                                           70                           243

CHANGE IN CASH AND CASH EQUIVALENTS                                                            2,286                          2,840

ENDING CASH                                                                                    8,675                          7,072




                                       THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                                       (Amounts in Millions)
                                               Consolidated Balance Sheet Information

                                                                             March 31, 2006                   June 30, 2005

CASH AND CASH EQUIVALENTS                                                $                     8,675     $                6,389
INVESTMENTS SECURITIES                                                                         1,524                      1,744
ACCOUNTS RECEIVABLE                                                                            5,404                      4,185
TOTAL INVENTORIES                                                                              6,732                      5,006
OTHER                                                                                          4,280                      3,005
TOTAL CURRENT ASSETS                                                                          26,615                     20,329

NET PROPERTY, PLANT AND EQUIPMENT                                                             18,473                     14,332
NET GOODWILL AND OTHER INTANGIBLE ASSETS                                                      87,857                     24,163
OTHER NON-CURRENT ASSETS                                                                       3,277                      2,703

TOTAL ASSETS                                                             $                136,222        $               61,527



ACCOUNTS PAYABLE                                                         $                     4,063     $                3,802
ACCRUED AND OTHER LIABILITIES                                                                  9,219                      7,531
TAXES PAYABLE                                                                                  2,924                      2,265
DEBT DUE WITHIN ONE YEAR                                                                       3,837                     11,441
TOTAL CURRENT LIABILITIES                                                                     20,043                     25,039
LONG-TERM DEBT                                                                                33,916                     12,887
OTHER                                                                                         17,239                      5,126
TOTAL LIABILITIES                                                                             71,198                     43,052

TOTAL SHAREHOLDERS' EQUITY                                                                    65,024                     18,475
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY                                 $                136,222        $               61,527
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
                                                         (Amounts in Millions)
                                                   Consolidated Earnings Information

                                                                                     Three Months Ended March 31, 2006
                                                                               % Change       Earnings % Change                       % Change
                                                                                 Versus         Before    Versus            Net         Versus
                                                                   Net Sales   Year Ago   Income Taxes  Year Ago       Earnings       Year Ago

P&G BEAUTY                                                     $     5,155            6% $           1,041          7% $    738            10%

  HEALTH CARE                                                        2,427           21%               446          29%     298            28%
  BABY CARE AND FAMILY CARE                                          3,031           -1%               530           5%     326             2%
P&G FAMILY HEALTH                                                    5,458            8%               976          15%     624            13%

  FABRIC CARE AND HOME CARE                                          4,080            7%               814          13%     545            13%
  SNACKS AND COFFEE                                                    796            4%               177          13%     109            12%
P&G HOUSEHOLD CARE                                                   4,876            6%               991          13%     654            13%

  BLADES AND RAZORS                                                  1,187           N/A               361          N/A     265            N/A
  DURACELL AND BRAUN                                                   763           N/A                76          N/A      54            N/A
GLOBAL GILLETTE                                                      1,950           N/A               437          N/A     319            N/A

TOTAL BUSINESS SEGMENT                                              17,439           20%             3,445          28%    2,335           30%
CORPORATE                                                             (189)          N/A              (316)         N/A     (124)          N/A
TOTAL COMPANY                                                       17,250           21%             3,129          31%    2,211           37%


                                                                                      Nine Months Ended March 31, 2006
                                                                               % Change        Earnings % Change                      % Change
                                                                                 Versus          Before    Versus           Net         Versus
                                                                   Net Sales   Year Ago    Income Taxes  Year Ago      Earnings       Year Ago

P&G BEAUTY                                                     $    15,514            7% $           3,285          6% $   2,369           11%

  HEALTH CARE                                                        7,149           21%             1,582          36%    1,061           36%
  BABY CARE AND FAMILY CARE                                          9,066            2%             1,561           0%      976            0%
P&G FAMILY HEALTH                                                   16,215           10%             3,143          15%    2,037           16%

  FABRIC CARE AND HOME CARE                                         12,376            8%             2,665          10%    1,779           10%
  SNACKS AND COFFEE                                                  2,429            3%               429          -7%      277           -6%
P&G HOUSEHOLD CARE                                                  14,805            8%             3,094           8%    2,056            8%

  BLADES AND RAZORS                                                  2,340           N/A               736          N/A     537            N/A
  DURACELL AND BRAUN                                                 2,042           N/A               319          N/A     219            N/A
GLOBAL GILLETTE                                                      4,382           N/A             1,055          N/A     756            N/A

TOTAL BUSINESS SEGMENT                                              50,916           18%           10,577           22%    7,218           24%
CORPORATE                                                             (536)          N/A             (875)          N/A     (432)          N/A
TOTAL COMPANY                                                       50,380           19%            9,702           21%    6,786           23%


                                                                      JANUARY - MARCH NET SALES INFORMATION
                                                                             (Percent Change vs. Year Ago) *
                                                   Volume          Volume
                                                      With         Without
                                               Acquisitions/   Acquisitions/                                                Total   Total Impact
                                                Divestitures    Divestitures     FX            Price Mix/Other             Impact         Ex-FX
P&G BEAUTY                                               8%              4%     -3%              0%          1%               6%             9%

P&G FAMILY HEALTH
  HEALTH CARE                                          18%              -1%          -1%                1%           3%     21%            22%
  BABY CARE AND FAMILY CARE                             2%               3%          -3%                2%          -2%     -1%             2%

P&G HOUSEHOLD CARE
  FABRIC CARE AND HOME CARE                              7%             7%           -2%                2%          0%        7%            9%
  SNACKS AND COFFEE                                      3%             3%           -2%                3%          0%        4%            6%

GLOBAL GILLETTE
  BLADES & RAZORS                                       N/A            N/A           N/A               N/A          N/A      N/A           N/A
  DURACELL AND BRAUN                                    N/A            N/A           N/A               N/A          N/A      N/A           N/A

TOTAL COMPANY                                          22%              5%           -3%                1%          1%      21%            24%

* These sales percentage changes are approximations based on quantitative formulas that are consistently applied.

More Related Content

What's hot

P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...
P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...
P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...finance3
 
P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growth
P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit GrowthP&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growth
P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growthfinance3
 
P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growth
P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales GrowthP&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growth
P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growthfinance3
 
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations finance3
 
Frutarom PR - Annual Results for 2017
Frutarom PR - Annual Results for 2017Frutarom PR - Annual Results for 2017
Frutarom PR - Annual Results for 2017Sigal Dagan
 
I-Bytes Healthcare Industry
I-Bytes Healthcare IndustryI-Bytes Healthcare Industry
I-Bytes Healthcare IndustryEGBG Services
 
I-Bytes Retail & Consumer Goods Industry
I-Bytes Retail & Consumer Goods IndustryI-Bytes Retail & Consumer Goods Industry
I-Bytes Retail & Consumer Goods IndustryEGBG Services
 
Review by the President & CEO, Suominen Corporation's Annual General Meeting ...
Review by the President & CEO, Suominen Corporation's Annual General Meeting ...Review by the President & CEO, Suominen Corporation's Annual General Meeting ...
Review by the President & CEO, Suominen Corporation's Annual General Meeting ...Suominen Corporation
 
Investor deck (fy16 q4) final 9.7.16
Investor deck (fy16 q4) final 9.7.16Investor deck (fy16 q4) final 9.7.16
Investor deck (fy16 q4) final 9.7.16cloroxir2016
 
Investor deck (fy17 q1) final
Investor deck (fy17 q1) finalInvestor deck (fy17 q1) final
Investor deck (fy17 q1) finalcloroxir2016
 
Walmart Q3 FY20 Earnings
Walmart Q3 FY20 EarningsWalmart Q3 FY20 Earnings
Walmart Q3 FY20 EarningsWalmart
 
Walmart Q1 FY21 Earnings
Walmart Q1 FY21 EarningsWalmart Q1 FY21 Earnings
Walmart Q1 FY21 EarningsWalmart
 
Dabur India Q1FY15: Maintain neutral
 Dabur India Q1FY15: Maintain neutral Dabur India Q1FY15: Maintain neutral
Dabur India Q1FY15: Maintain neutralIndiaNotes.com
 
Clx investor presentation
Clx investor presentationClx investor presentation
Clx investor presentationcloroxir2016
 
cardinal health Q4 2008 Earnings Release
cardinal health Q4 2008 Earnings Releasecardinal health Q4 2008 Earnings Release
cardinal health Q4 2008 Earnings Releasefinance2
 
Walmart Q4 FY20 Earnings
Walmart Q4 FY20 EarningsWalmart Q4 FY20 Earnings
Walmart Q4 FY20 EarningsWalmart
 
Lkq q2 2017 earnings call presentation
Lkq q2 2017 earnings call presentationLkq q2 2017 earnings call presentation
Lkq q2 2017 earnings call presentationcorporationlkq
 
Investor deck (fy17 q2) final
Investor deck (fy17 q2) finalInvestor deck (fy17 q2) final
Investor deck (fy17 q2) finalcloroxir2016
 
Investor deck (fy17 q2) final v2
Investor deck (fy17 q2) final v2Investor deck (fy17 q2) final v2
Investor deck (fy17 q2) final v2cloroxir2016
 

What's hot (20)

P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...
P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...
P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...
 
P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growth
P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit GrowthP&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growth
P&G Reports $0.82 EPS, Up 11%, On 13% Operating Profit Growth
 
P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growth
P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales GrowthP&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growth
P&G Reports First Quarter EPS of $1.03 Up 12% on 9% Sales Growth
 
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations
 
Frutarom PR - Annual Results for 2017
Frutarom PR - Annual Results for 2017Frutarom PR - Annual Results for 2017
Frutarom PR - Annual Results for 2017
 
I-Bytes Healthcare Industry
I-Bytes Healthcare IndustryI-Bytes Healthcare Industry
I-Bytes Healthcare Industry
 
I-Bytes Retail & Consumer Goods Industry
I-Bytes Retail & Consumer Goods IndustryI-Bytes Retail & Consumer Goods Industry
I-Bytes Retail & Consumer Goods Industry
 
Review by the President & CEO, Suominen Corporation's Annual General Meeting ...
Review by the President & CEO, Suominen Corporation's Annual General Meeting ...Review by the President & CEO, Suominen Corporation's Annual General Meeting ...
Review by the President & CEO, Suominen Corporation's Annual General Meeting ...
 
Investor deck (fy16 q4) final 9.7.16
Investor deck (fy16 q4) final 9.7.16Investor deck (fy16 q4) final 9.7.16
Investor deck (fy16 q4) final 9.7.16
 
Investor deck (fy17 q1) final
Investor deck (fy17 q1) finalInvestor deck (fy17 q1) final
Investor deck (fy17 q1) final
 
Walmart Q3 FY20 Earnings
Walmart Q3 FY20 EarningsWalmart Q3 FY20 Earnings
Walmart Q3 FY20 Earnings
 
Walmart Q1 FY21 Earnings
Walmart Q1 FY21 EarningsWalmart Q1 FY21 Earnings
Walmart Q1 FY21 Earnings
 
Dabur India Q1FY15: Maintain neutral
 Dabur India Q1FY15: Maintain neutral Dabur India Q1FY15: Maintain neutral
Dabur India Q1FY15: Maintain neutral
 
Clx investor presentation
Clx investor presentationClx investor presentation
Clx investor presentation
 
T-Bytes IoT & AR
T-Bytes IoT & ART-Bytes IoT & AR
T-Bytes IoT & AR
 
cardinal health Q4 2008 Earnings Release
cardinal health Q4 2008 Earnings Releasecardinal health Q4 2008 Earnings Release
cardinal health Q4 2008 Earnings Release
 
Walmart Q4 FY20 Earnings
Walmart Q4 FY20 EarningsWalmart Q4 FY20 Earnings
Walmart Q4 FY20 Earnings
 
Lkq q2 2017 earnings call presentation
Lkq q2 2017 earnings call presentationLkq q2 2017 earnings call presentation
Lkq q2 2017 earnings call presentation
 
Investor deck (fy17 q2) final
Investor deck (fy17 q2) finalInvestor deck (fy17 q2) final
Investor deck (fy17 q2) final
 
Investor deck (fy17 q2) final v2
Investor deck (fy17 q2) final v2Investor deck (fy17 q2) final v2
Investor deck (fy17 q2) final v2
 

Viewers also liked

sostenibilidad
sostenibilidadsostenibilidad
sostenibilidadribosa
 
P&G 2006 Annual Report
P&G 2006 Annual ReportP&G 2006 Annual Report
P&G 2006 Annual Reportfinance3
 
P&G 2005 Annual Report
P&G 2005 Annual ReportP&G 2005 Annual Report
P&G 2005 Annual Reportfinance3
 
Dvorak Nou Mon 2on Mov Tema Oboe I Flauta
Dvorak Nou Mon 2on Mov Tema Oboe I FlautaDvorak Nou Mon 2on Mov Tema Oboe I Flauta
Dvorak Nou Mon 2on Mov Tema Oboe I Flautalidiam
 
安全那些事儿
安全那些事儿安全那些事儿
安全那些事儿明 城
 

Viewers also liked (6)

sostenibilidad
sostenibilidadsostenibilidad
sostenibilidad
 
Repubblica Eluana
Repubblica EluanaRepubblica Eluana
Repubblica Eluana
 
P&G 2006 Annual Report
P&G 2006 Annual ReportP&G 2006 Annual Report
P&G 2006 Annual Report
 
P&G 2005 Annual Report
P&G 2005 Annual ReportP&G 2005 Annual Report
P&G 2005 Annual Report
 
Dvorak Nou Mon 2on Mov Tema Oboe I Flauta
Dvorak Nou Mon 2on Mov Tema Oboe I FlautaDvorak Nou Mon 2on Mov Tema Oboe I Flauta
Dvorak Nou Mon 2on Mov Tema Oboe I Flauta
 
安全那些事儿
安全那些事儿安全那些事儿
安全那些事儿
 

Similar to P&G Delivers Strong Sales and EPS Growth - Raises Fiscal Year Outlook

P&G Delivers 15% EPS Growth - Raises Fiscal Year Guidance
P&G Delivers 15% EPS Growth - Raises Fiscal Year GuidanceP&G Delivers 15% EPS Growth - Raises Fiscal Year Guidance
P&G Delivers 15% EPS Growth - Raises Fiscal Year Guidancefinance3
 
P&G Delivers 15% Earnings Per Share Growth for Fiscal Year
P&G Delivers 15% Earnings Per Share Growth for Fiscal YearP&G Delivers 15% Earnings Per Share Growth for Fiscal Year
P&G Delivers 15% Earnings Per Share Growth for Fiscal Yearfinance3
 
Procter & Gamble Earnings Per Share Increase 16 Percent For Quarter
Procter & Gamble Earnings Per Share Increase 16 Percent For QuarterProcter & Gamble Earnings Per Share Increase 16 Percent For Quarter
Procter & Gamble Earnings Per Share Increase 16 Percent For Quarterfinance3
 
P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...
P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...
P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...finance3
 
P&G Delivers at Top End of Increased Earnings Expectations
P&G Delivers at Top End of Increased Earnings ExpectationsP&G Delivers at Top End of Increased Earnings Expectations
P&G Delivers at Top End of Increased Earnings Expectationsfinance3
 
P&G Delivers Double-Digit Earnings Growth on Strong Top Line Results
P&G Delivers Double-Digit Earnings Growth on Strong Top Line ResultsP&G Delivers Double-Digit Earnings Growth on Strong Top Line Results
P&G Delivers Double-Digit Earnings Growth on Strong Top Line Resultsfinance3
 
Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...
Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...
Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...finance3
 
P&G Beats First Quarter Earnings Expectations on Record Volume and Sales
P&G Beats First Quarter Earnings Expectations on Record Volume and SalesP&G Beats First Quarter Earnings Expectations on Record Volume and Sales
P&G Beats First Quarter Earnings Expectations on Record Volume and Salesfinance3
 
Strong Volume and Operating Margin Improvements Drive Earnings Growth
Strong Volume and Operating Margin Improvements Drive Earnings GrowthStrong Volume and Operating Margin Improvements Drive Earnings Growth
Strong Volume and Operating Margin Improvements Drive Earnings Growthfinance3
 
P&G Delivers Double-Digit Sales Growth in First Quarter
P&G Delivers Double-Digit Sales Growth in First QuarterP&G Delivers Double-Digit Sales Growth in First Quarter
P&G Delivers Double-Digit Sales Growth in First Quarterfinance3
 
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...finance3
 
P&G Earnings Growth Exceeds Expectations
P&G Earnings Growth Exceeds ExpectationsP&G Earnings Growth Exceeds Expectations
P&G Earnings Growth Exceeds Expectationsfinance3
 
P&G Delivers Earnings Growth at High End of Guidance
P&G Delivers Earnings Growth at High End of GuidanceP&G Delivers Earnings Growth at High End of Guidance
P&G Delivers Earnings Growth at High End of Guidancefinance3
 
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...finance13
 
Proctor & Gamble 2008 AnnualReport
Proctor & Gamble 2008 AnnualReportProctor & Gamble 2008 AnnualReport
Proctor & Gamble 2008 AnnualReportearningsreport
 
2008 Annual Report P&G
2008 Annual Report P&G2008 Annual Report P&G
2008 Annual Report P&Gfinance3
 
I-Byte Retail and consumer goods Industry
I-Byte Retail and consumer goods IndustryI-Byte Retail and consumer goods Industry
I-Byte Retail and consumer goods IndustryEGBG Services
 
John DeereMedia Release & Financials 2006 3rd
 John DeereMedia Release & Financials 2006 3rd  John DeereMedia Release & Financials 2006 3rd
John DeereMedia Release & Financials 2006 3rd finance11
 
John DeereMedia Release & Financials 2007 3rd
 John DeereMedia Release & Financials 2007 3rd John DeereMedia Release & Financials 2007 3rd
John DeereMedia Release & Financials 2007 3rdfinance11
 
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...finance13
 

Similar to P&G Delivers Strong Sales and EPS Growth - Raises Fiscal Year Outlook (20)

P&G Delivers 15% EPS Growth - Raises Fiscal Year Guidance
P&G Delivers 15% EPS Growth - Raises Fiscal Year GuidanceP&G Delivers 15% EPS Growth - Raises Fiscal Year Guidance
P&G Delivers 15% EPS Growth - Raises Fiscal Year Guidance
 
P&G Delivers 15% Earnings Per Share Growth for Fiscal Year
P&G Delivers 15% Earnings Per Share Growth for Fiscal YearP&G Delivers 15% Earnings Per Share Growth for Fiscal Year
P&G Delivers 15% Earnings Per Share Growth for Fiscal Year
 
Procter & Gamble Earnings Per Share Increase 16 Percent For Quarter
Procter & Gamble Earnings Per Share Increase 16 Percent For QuarterProcter & Gamble Earnings Per Share Increase 16 Percent For Quarter
Procter & Gamble Earnings Per Share Increase 16 Percent For Quarter
 
P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...
P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...
P&G Delivers 16 Percent Earnings Per Share Growth For June Quarter And 14 Per...
 
P&G Delivers at Top End of Increased Earnings Expectations
P&G Delivers at Top End of Increased Earnings ExpectationsP&G Delivers at Top End of Increased Earnings Expectations
P&G Delivers at Top End of Increased Earnings Expectations
 
P&G Delivers Double-Digit Earnings Growth on Strong Top Line Results
P&G Delivers Double-Digit Earnings Growth on Strong Top Line ResultsP&G Delivers Double-Digit Earnings Growth on Strong Top Line Results
P&G Delivers Double-Digit Earnings Growth on Strong Top Line Results
 
Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...
Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...
Procter & Gamble Beats Earnings Expectations for Quarter - Raises Outlook for...
 
P&G Beats First Quarter Earnings Expectations on Record Volume and Sales
P&G Beats First Quarter Earnings Expectations on Record Volume and SalesP&G Beats First Quarter Earnings Expectations on Record Volume and Sales
P&G Beats First Quarter Earnings Expectations on Record Volume and Sales
 
Strong Volume and Operating Margin Improvements Drive Earnings Growth
Strong Volume and Operating Margin Improvements Drive Earnings GrowthStrong Volume and Operating Margin Improvements Drive Earnings Growth
Strong Volume and Operating Margin Improvements Drive Earnings Growth
 
P&G Delivers Double-Digit Sales Growth in First Quarter
P&G Delivers Double-Digit Sales Growth in First QuarterP&G Delivers Double-Digit Sales Growth in First Quarter
P&G Delivers Double-Digit Sales Growth in First Quarter
 
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...
 
P&G Earnings Growth Exceeds Expectations
P&G Earnings Growth Exceeds ExpectationsP&G Earnings Growth Exceeds Expectations
P&G Earnings Growth Exceeds Expectations
 
P&G Delivers Earnings Growth at High End of Guidance
P&G Delivers Earnings Growth at High End of GuidanceP&G Delivers Earnings Growth at High End of Guidance
P&G Delivers Earnings Growth at High End of Guidance
 
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...
 
Proctor & Gamble 2008 AnnualReport
Proctor & Gamble 2008 AnnualReportProctor & Gamble 2008 AnnualReport
Proctor & Gamble 2008 AnnualReport
 
2008 Annual Report P&G
2008 Annual Report P&G2008 Annual Report P&G
2008 Annual Report P&G
 
I-Byte Retail and consumer goods Industry
I-Byte Retail and consumer goods IndustryI-Byte Retail and consumer goods Industry
I-Byte Retail and consumer goods Industry
 
John DeereMedia Release & Financials 2006 3rd
 John DeereMedia Release & Financials 2006 3rd  John DeereMedia Release & Financials 2006 3rd
John DeereMedia Release & Financials 2006 3rd
 
John DeereMedia Release & Financials 2007 3rd
 John DeereMedia Release & Financials 2007 3rd John DeereMedia Release & Financials 2007 3rd
John DeereMedia Release & Financials 2007 3rd
 
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...
 

More from finance3

Merrill lynchHistorical Earnings Announcements 2003 1st
Merrill lynchHistorical Earnings Announcements 2003 1stMerrill lynchHistorical Earnings Announcements 2003 1st
Merrill lynchHistorical Earnings Announcements 2003 1stfinance3
 
Merrill lynchHistorical Earnings Announcements 2003 2nd
Merrill lynchHistorical Earnings Announcements 2003 2nd  Merrill lynchHistorical Earnings Announcements 2003 2nd
Merrill lynchHistorical Earnings Announcements 2003 2nd finance3
 
Merrill lynchHistorical Earnings Announcements 2003 3rd
Merrill lynchHistorical Earnings Announcements 2003 3rd Merrill lynchHistorical Earnings Announcements 2003 3rd
Merrill lynchHistorical Earnings Announcements 2003 3rd finance3
 
Merrill lynchHistorical Earnings Announcements 2003 4th
Merrill lynchHistorical Earnings Announcements 2003 4thMerrill lynchHistorical Earnings Announcements 2003 4th
Merrill lynchHistorical Earnings Announcements 2003 4thfinance3
 
Merrill lynchHistorical Earnings Announcements 2004 2nd
Merrill lynchHistorical Earnings Announcements 2004 2nd  Merrill lynchHistorical Earnings Announcements 2004 2nd
Merrill lynchHistorical Earnings Announcements 2004 2nd finance3
 
Merrill lynchHistorical Earnings Announcements 2004 1st
Merrill lynchHistorical Earnings Announcements 2004 1stMerrill lynchHistorical Earnings Announcements 2004 1st
Merrill lynchHistorical Earnings Announcements 2004 1stfinance3
 
Merrill lynchHistorical Earnings Announcements 2004 3rd
Merrill lynchHistorical Earnings Announcements 2004 3rd Merrill lynchHistorical Earnings Announcements 2004 3rd
Merrill lynchHistorical Earnings Announcements 2004 3rd finance3
 
Merrill lynchHistorical Earnings Announcements 2004 4th
Merrill lynchHistorical Earnings Announcements  2004 4th Merrill lynchHistorical Earnings Announcements  2004 4th
Merrill lynchHistorical Earnings Announcements 2004 4th finance3
 
Merrill lynchHistorical Earnings Announcements 2005 1st
Merrill lynchHistorical Earnings Announcements 2005 1st Merrill lynchHistorical Earnings Announcements 2005 1st
Merrill lynchHistorical Earnings Announcements 2005 1st finance3
 
Merrill lynchHistorical Earnings Announcements 2005 2nd
Merrill lynchHistorical Earnings Announcements 2005 2nd Merrill lynchHistorical Earnings Announcements 2005 2nd
Merrill lynchHistorical Earnings Announcements 2005 2nd finance3
 
Merrill lynchHistorical Earnings Announcements 2005 3rd
Merrill lynchHistorical Earnings Announcements 2005 3rd Merrill lynchHistorical Earnings Announcements 2005 3rd
Merrill lynchHistorical Earnings Announcements 2005 3rd finance3
 
Merrill lynchHistorical Earnings Announcements2005 4th
Merrill lynchHistorical Earnings Announcements2005 4th Merrill lynchHistorical Earnings Announcements2005 4th
Merrill lynchHistorical Earnings Announcements2005 4th finance3
 
Merrill lynchHistorical Earnings Announcements 2006 1st
Merrill lynchHistorical Earnings Announcements 2006 1stMerrill lynchHistorical Earnings Announcements 2006 1st
Merrill lynchHistorical Earnings Announcements 2006 1stfinance3
 
Merrill lynchHistorical Earnings Announcements 2006 2nd
Merrill lynchHistorical Earnings Announcements 2006 2ndMerrill lynchHistorical Earnings Announcements 2006 2nd
Merrill lynchHistorical Earnings Announcements 2006 2ndfinance3
 
Merrill lynchHistorical Earnings Announcements 2006 3rd
Merrill lynchHistorical Earnings Announcements 2006 3rdMerrill lynchHistorical Earnings Announcements 2006 3rd
Merrill lynchHistorical Earnings Announcements 2006 3rdfinance3
 
Merrill lynchHistorical Earnings Announcements 2006 4th
Merrill lynchHistorical Earnings Announcements 2006 4thMerrill lynchHistorical Earnings Announcements 2006 4th
Merrill lynchHistorical Earnings Announcements 2006 4thfinance3
 
Merrill lynchHistorical Earnings Announcements 2007 1st
Merrill lynchHistorical Earnings Announcements 2007 1stMerrill lynchHistorical Earnings Announcements 2007 1st
Merrill lynchHistorical Earnings Announcements 2007 1stfinance3
 
Merrill lynchHistorical Earnings Announcements 2007 2nd
Merrill lynchHistorical Earnings Announcements 2007 2ndMerrill lynchHistorical Earnings Announcements 2007 2nd
Merrill lynchHistorical Earnings Announcements 2007 2ndfinance3
 
Merrill lynchHistorical Earnings Announcements2007 4th
Merrill lynchHistorical Earnings Announcements2007 4thMerrill lynchHistorical Earnings Announcements2007 4th
Merrill lynchHistorical Earnings Announcements2007 4thfinance3
 
Merrill lynchHistorical Earnings Announcements 2008 1st
Merrill lynchHistorical Earnings Announcements 2008 1stMerrill lynchHistorical Earnings Announcements 2008 1st
Merrill lynchHistorical Earnings Announcements 2008 1stfinance3
 

More from finance3 (20)

Merrill lynchHistorical Earnings Announcements 2003 1st
Merrill lynchHistorical Earnings Announcements 2003 1stMerrill lynchHistorical Earnings Announcements 2003 1st
Merrill lynchHistorical Earnings Announcements 2003 1st
 
Merrill lynchHistorical Earnings Announcements 2003 2nd
Merrill lynchHistorical Earnings Announcements 2003 2nd  Merrill lynchHistorical Earnings Announcements 2003 2nd
Merrill lynchHistorical Earnings Announcements 2003 2nd
 
Merrill lynchHistorical Earnings Announcements 2003 3rd
Merrill lynchHistorical Earnings Announcements 2003 3rd Merrill lynchHistorical Earnings Announcements 2003 3rd
Merrill lynchHistorical Earnings Announcements 2003 3rd
 
Merrill lynchHistorical Earnings Announcements 2003 4th
Merrill lynchHistorical Earnings Announcements 2003 4thMerrill lynchHistorical Earnings Announcements 2003 4th
Merrill lynchHistorical Earnings Announcements 2003 4th
 
Merrill lynchHistorical Earnings Announcements 2004 2nd
Merrill lynchHistorical Earnings Announcements 2004 2nd  Merrill lynchHistorical Earnings Announcements 2004 2nd
Merrill lynchHistorical Earnings Announcements 2004 2nd
 
Merrill lynchHistorical Earnings Announcements 2004 1st
Merrill lynchHistorical Earnings Announcements 2004 1stMerrill lynchHistorical Earnings Announcements 2004 1st
Merrill lynchHistorical Earnings Announcements 2004 1st
 
Merrill lynchHistorical Earnings Announcements 2004 3rd
Merrill lynchHistorical Earnings Announcements 2004 3rd Merrill lynchHistorical Earnings Announcements 2004 3rd
Merrill lynchHistorical Earnings Announcements 2004 3rd
 
Merrill lynchHistorical Earnings Announcements 2004 4th
Merrill lynchHistorical Earnings Announcements  2004 4th Merrill lynchHistorical Earnings Announcements  2004 4th
Merrill lynchHistorical Earnings Announcements 2004 4th
 
Merrill lynchHistorical Earnings Announcements 2005 1st
Merrill lynchHistorical Earnings Announcements 2005 1st Merrill lynchHistorical Earnings Announcements 2005 1st
Merrill lynchHistorical Earnings Announcements 2005 1st
 
Merrill lynchHistorical Earnings Announcements 2005 2nd
Merrill lynchHistorical Earnings Announcements 2005 2nd Merrill lynchHistorical Earnings Announcements 2005 2nd
Merrill lynchHistorical Earnings Announcements 2005 2nd
 
Merrill lynchHistorical Earnings Announcements 2005 3rd
Merrill lynchHistorical Earnings Announcements 2005 3rd Merrill lynchHistorical Earnings Announcements 2005 3rd
Merrill lynchHistorical Earnings Announcements 2005 3rd
 
Merrill lynchHistorical Earnings Announcements2005 4th
Merrill lynchHistorical Earnings Announcements2005 4th Merrill lynchHistorical Earnings Announcements2005 4th
Merrill lynchHistorical Earnings Announcements2005 4th
 
Merrill lynchHistorical Earnings Announcements 2006 1st
Merrill lynchHistorical Earnings Announcements 2006 1stMerrill lynchHistorical Earnings Announcements 2006 1st
Merrill lynchHistorical Earnings Announcements 2006 1st
 
Merrill lynchHistorical Earnings Announcements 2006 2nd
Merrill lynchHistorical Earnings Announcements 2006 2ndMerrill lynchHistorical Earnings Announcements 2006 2nd
Merrill lynchHistorical Earnings Announcements 2006 2nd
 
Merrill lynchHistorical Earnings Announcements 2006 3rd
Merrill lynchHistorical Earnings Announcements 2006 3rdMerrill lynchHistorical Earnings Announcements 2006 3rd
Merrill lynchHistorical Earnings Announcements 2006 3rd
 
Merrill lynchHistorical Earnings Announcements 2006 4th
Merrill lynchHistorical Earnings Announcements 2006 4thMerrill lynchHistorical Earnings Announcements 2006 4th
Merrill lynchHistorical Earnings Announcements 2006 4th
 
Merrill lynchHistorical Earnings Announcements 2007 1st
Merrill lynchHistorical Earnings Announcements 2007 1stMerrill lynchHistorical Earnings Announcements 2007 1st
Merrill lynchHistorical Earnings Announcements 2007 1st
 
Merrill lynchHistorical Earnings Announcements 2007 2nd
Merrill lynchHistorical Earnings Announcements 2007 2ndMerrill lynchHistorical Earnings Announcements 2007 2nd
Merrill lynchHistorical Earnings Announcements 2007 2nd
 
Merrill lynchHistorical Earnings Announcements2007 4th
Merrill lynchHistorical Earnings Announcements2007 4thMerrill lynchHistorical Earnings Announcements2007 4th
Merrill lynchHistorical Earnings Announcements2007 4th
 
Merrill lynchHistorical Earnings Announcements 2008 1st
Merrill lynchHistorical Earnings Announcements 2008 1stMerrill lynchHistorical Earnings Announcements 2008 1st
Merrill lynchHistorical Earnings Announcements 2008 1st
 

Recently uploaded

05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx
05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx
05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptxFinTech Belgium
 
The Economic History of the U.S. Lecture 21.pdf
The Economic History of the U.S. Lecture 21.pdfThe Economic History of the U.S. Lecture 21.pdf
The Economic History of the U.S. Lecture 21.pdfGale Pooley
 
The Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfThe Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfGale Pooley
 
The Economic History of the U.S. Lecture 30.pdf
The Economic History of the U.S. Lecture 30.pdfThe Economic History of the U.S. Lecture 30.pdf
The Economic History of the U.S. Lecture 30.pdfGale Pooley
 
Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...
Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...
Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...Pooja Nehwal
 
The Economic History of the U.S. Lecture 26.pdf
The Economic History of the U.S. Lecture 26.pdfThe Economic History of the U.S. Lecture 26.pdf
The Economic History of the U.S. Lecture 26.pdfGale Pooley
 
Pooja 9892124323 : Call Girl in Juhu Escorts Service Free Home Delivery
Pooja 9892124323 : Call Girl in Juhu Escorts Service Free Home DeliveryPooja 9892124323 : Call Girl in Juhu Escorts Service Free Home Delivery
Pooja 9892124323 : Call Girl in Juhu Escorts Service Free Home DeliveryPooja Nehwal
 
00_Main ppt_MeetupDORA&CyberSecurity.pptx
00_Main ppt_MeetupDORA&CyberSecurity.pptx00_Main ppt_MeetupDORA&CyberSecurity.pptx
00_Main ppt_MeetupDORA&CyberSecurity.pptxFinTech Belgium
 
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...ssifa0344
 
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Bookingroncy bisnoi
 
The Economic History of the U.S. Lecture 25.pdf
The Economic History of the U.S. Lecture 25.pdfThe Economic History of the U.S. Lecture 25.pdf
The Economic History of the U.S. Lecture 25.pdfGale Pooley
 
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Pooja Nehwal
 
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...Suhani Kapoor
 
Dividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptxDividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptxanshikagoel52
 
Instant Issue Debit Cards - High School Spirit
Instant Issue Debit Cards - High School SpiritInstant Issue Debit Cards - High School Spirit
Instant Issue Debit Cards - High School Spiritegoetzinger
 
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdfFinTech Belgium
 
Best VIP Call Girls Noida Sector 18 Call Me: 8448380779
Best VIP Call Girls Noida Sector 18 Call Me: 8448380779Best VIP Call Girls Noida Sector 18 Call Me: 8448380779
Best VIP Call Girls Noida Sector 18 Call Me: 8448380779Delhi Call girls
 
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...ranjana rawat
 

Recently uploaded (20)

05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx
05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx
05_Annelore Lenoir_Docbyte_MeetupDora&Cybersecurity.pptx
 
The Economic History of the U.S. Lecture 21.pdf
The Economic History of the U.S. Lecture 21.pdfThe Economic History of the U.S. Lecture 21.pdf
The Economic History of the U.S. Lecture 21.pdf
 
The Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfThe Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdf
 
The Economic History of the U.S. Lecture 30.pdf
The Economic History of the U.S. Lecture 30.pdfThe Economic History of the U.S. Lecture 30.pdf
The Economic History of the U.S. Lecture 30.pdf
 
Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...
Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...
Dharavi Russian callg Girls, { 09892124323 } || Call Girl In Mumbai ...
 
The Economic History of the U.S. Lecture 26.pdf
The Economic History of the U.S. Lecture 26.pdfThe Economic History of the U.S. Lecture 26.pdf
The Economic History of the U.S. Lecture 26.pdf
 
Pooja 9892124323 : Call Girl in Juhu Escorts Service Free Home Delivery
Pooja 9892124323 : Call Girl in Juhu Escorts Service Free Home DeliveryPooja 9892124323 : Call Girl in Juhu Escorts Service Free Home Delivery
Pooja 9892124323 : Call Girl in Juhu Escorts Service Free Home Delivery
 
00_Main ppt_MeetupDORA&CyberSecurity.pptx
00_Main ppt_MeetupDORA&CyberSecurity.pptx00_Main ppt_MeetupDORA&CyberSecurity.pptx
00_Main ppt_MeetupDORA&CyberSecurity.pptx
 
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
 
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
 
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
 
The Economic History of the U.S. Lecture 25.pdf
The Economic History of the U.S. Lecture 25.pdfThe Economic History of the U.S. Lecture 25.pdf
The Economic History of the U.S. Lecture 25.pdf
 
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
 
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
 
Dividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptxDividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptx
 
Instant Issue Debit Cards - High School Spirit
Instant Issue Debit Cards - High School SpiritInstant Issue Debit Cards - High School Spirit
Instant Issue Debit Cards - High School Spirit
 
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
 
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
 
Best VIP Call Girls Noida Sector 18 Call Me: 8448380779
Best VIP Call Girls Noida Sector 18 Call Me: 8448380779Best VIP Call Girls Noida Sector 18 Call Me: 8448380779
Best VIP Call Girls Noida Sector 18 Call Me: 8448380779
 
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(ANIKA) Budhwar Peth Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
 

P&G Delivers Strong Sales and EPS Growth - Raises Fiscal Year Outlook

  • 1. The Procter & Gamble Company One P&G Plaza News Release Cincinnati, OH 45202 FOR IMMEDIATE RELEASE P&G DELIVERS STRONG SALES AND EPS GROWTH – RAISES FISCAL YEAR OUTLOOK Organic Sales Growth Above Long-Term Target, Base Business EPS Growth of 19% to 20% CINCINNATI, May 3, 2006 – The Procter & Gamble Company (NYSE:PG) announced earnings per share of $0.63 for the January – March quarter. Earnings per share grew behind a six percent increase in organic sales coupled with significant expansion in both gross and operating profit margin. The company’s organic sales increase was broad-based across all business segments and in both developed and developing regions. Reported net sales, which include the Gillette business, increased 21 percent, to $17.25 billion. “The combination of strong topline momentum, improving gross margins and good progress on Gillette integration gives us the confidence to raise our EPS outlook for the fiscal year,” said Chairman of the Board, President and Chief Executive A. G. Lafley. “P&G is delivering strong, sustainable earnings growth despite Gillette dilution. Excluding Gillette, P&G is on track to deliver a fourth consecutive year of double digit EPS growth.” Executive Summary • Unit volume for the quarter grew 22 percent, driven by solid organic growth in both developed and developing regions and the addition of the Gillette business. Organic volume, which excludes the impacts of acquisitions and divestitures, increased five percent behind double digit developing market growth. Volume growth was broad-based behind product innovations that drove market share growth. • Net sales grew 21 percent to $17.25 billion. Organic sales, which exclude the impacts of acquisitions, divestitures and foreign exchange, increased six percent, exceeding the top end of the company’s base business long-term organic growth target range of three to five percent. - More -
  • 2. Net earnings increased 37 percent to $2.21 billion behind sales growth and significant margin improvement. Operating margin increased by 160 basis points behind an expansion in gross margin of 110 basis points as the mix benefits of Gillette, along with volume growth, price increases and cost savings initiatives more than offset higher commodity costs. • Earnings per share were $0.63, up seven percent versus the prior year, including an estimated $0.07-$0.08 of dilution from the Gillette acquisition. Dilution from Gillette was within the company’s prior guidance range. Base business earnings per share, which exclude the impact of Gillette dilution, grew 19 to 20 percent. Earnings per share also benefited by $0.01 from a lower than expected tax rate due to a favorable tax settlement in the quarter. Key Financial Highlights • Net sales increased 21 percent to $17.25 billion, including a negative three percent foreign exchange impact. Sales increased behind the addition of Gillette and five percent organic volume growth. Organic sales increased six percent in the quarter. Pricing increases and favorable product mix each added one percent to sales growth. • Gross margin expanded by 110 basis points in the quarter to 51.7%. Commodity cost increases had a negative impact on gross margin of about 100 basis points. Organic volume growth, pricing and cost savings projects roughly offset commodity cost increases while the mix benefit from adding the Gillette business drove margin expansion. • Selling, General and Administrative expenses (SG&A) as a percentage of sales improved by 60 basis points in the quarter. This was driven by strong organic sales growth, good overhead cost control and high base period marketing spending against new product initiatives. • The company’s operating cash flow was $3.44 billion during the quarter, an increase of 31 percent, versus the prior year period. Operating cash improved behind the addition of Gillette and earnings growth on the base business. Working capital increased cash versus the prior year period due primarily to a reduction in accounts receivables during the quarter. Free cash flow, defined as operating cash flow less capital spending, was $2.80 billion. Free cash flow productivity was 127 percent during the quarter, bringing the fiscal 2
  • 3. year to date free cash flow productivity to 96 percent, slightly ahead of the comparable prior year period. Capital spending for the quarter was 3.7% of sales. • The company repurchased $3.7 billion of P&G stock during the quarter as part of its previously announced Gillette share repurchase program, including some transactions that settled in April. This brings the cumulative value of shares purchased under the program to $15.8 billion. The company continues to expect to repurchase about $20 billion in total under the program and to complete the program by mid-calendar year 2006. Business Segment Discussion The following provides perspective on the company’s January – March results by business segment. P&G Beauty • Beauty volume increased eight percent for the quarter behind solid organic volume growth and the addition of Gillette Personal Care. Organic volume increased four percent with broad-based growth across categories and double digit developing region growth. Skin Care volume increased double digits behind strong growth on Olay. Cosmetics volume decreased versus last year due to declines on Max Factor in North America resulting from more focused distribution. Retail Hair Care volume increased mid-single digits behind strong growth on Pantene, Head and Shoulders and Rejoice. Beauty net sales increased by six percent to $5.16 billion driven by the addition of Gillette Personal Care, organic volume growth and a one percent favorable product mix impact, partially offset by three percent of unfavorable foreign exchange trends. Organic sales increased five percent. Net earnings in Beauty increased 10 percent to $738 million behind the addition of Gillette, solid organic sales growth, reduced Wella integration costs and a more profitable product mix, partially offset by an increase in commodity costs and marketing investments. P&G Family Health • Health Care volume increased 18 percent for the quarter, including the addition of Gillette Oral Care. Despite positive share trends across most businesses and regions, organic volume declined by one percent. Year-on-year comparisons were significantly impacted by a very strong base period in which volume grew 14 percent behind the rebuild of Prilosec OTC trade inventory following an allocation period. The prior year also benefited from a late flu season in North America and Western Europe. Importantly, market shares 3
  • 4. grew in Oral Care, Respiratory and on Prilosec OTC. Health Care net sales grew 21 percent to $2.43 billion due primarily to the addition of Gillette Oral Care. Organic sales increased three percent. Favorable product mix in Pharmaceuticals and Personal Health and on the base Oral Care business added three percent to sales growth. In addition, previously announced price increases in Pharmaceuticals and Personal Health added one percent to sales growth, but were offset by one percent of unfavorable foreign exchange rate trends. Net earnings in Health Care grew 28 percent to $298 million, primarily behind the addition of the Gillette Oral Care business and margin expansion on the base business. • Baby Care and Family Care volume increased two percent in the quarter, with organic volume up three percent. Baby Care volume increased in the low-single digits with developing regions up double digits behind strong market share results in China and in Central and Eastern Europe. In developed regions, market share on Pampers in North America was in-line with the prior year period while continued pricing pressure from private label brands drove some softness on the Luvs brand. Diaper market share remained strong in Western Europe at over 54%. Family Care organic volume grew in the mid-single digits, largely behind Bounty and on the continued success of the Charmin Basic initiative. Net sales in the segment were $3.03 billion, down one percent versus the prior year, including a negative three percent foreign exchange impact. Previously announced price increases in North America Baby Care, coupled with a late January increase in North America Family Care, added two percent to sales growth. Disproportionate growth in mid- tier products and in developing regions resulted in a negative two percent mix effect. Net earnings increased two percent to $326 million against a strong base period in which earnings increased 60% driven by 13 percent sales growth. Earnings growth was driven by organic sales growth and margin improvements. P&G Household Care • Fabric Care and Home Care volume increased seven percent. Growth was broad-based across regions and across both Fabric Care and Home Care driven by continued successful initiative activity including Tide with Febreze, Bounce with Febreze, Gain Joyful Expressions, Bold Liquid Tablets and Febreze Noticeables. Net sales increased seven percent to $4.08 billion, including a negative two percent foreign exchange impact. Pricing activity, primarily in Latin America Fabric Care and North America Dish Care, added two percent to sales growth. Earnings grew 13 percent to $545 million behind sales growth and margin expansion. Operating margin expanded as volume growth, pricing activity and 4
  • 5. cost savings projects offset increased commodity costs and initiative marketing investments. • Snacks and Coffee volume increased three percent. Coffee volume increased mid-single digits as Folgers market share, which was impacted by disruptions related to Hurricane Katrina, returned to pre-hurricane levels during the quarter. Snacks volume was flat versus the prior year period. Net sales for the segment increased four percent to $796 million, including a negative two percent impact from unfavorable foreign exchange rate trends. Sales benefited by three percent from previously announced Coffee price increases. Earnings were up 12 percent to $109 million driven by sales growth and an insurance recovery from Hurricane Katrina, which more than offset current quarter hurricane-related costs. Gillette (comparisons are versus published pro forma results released on October 4, 2005) • Blades and Razors sales increased one percent during the quarter to $1.19 billion, including a negative two percent foreign exchange impact. The launch of Fusion in North America led to a significant increase in sales in the region but was partially offset by a decline in Western Europe. In Western Europe, sales were down despite a one point increase in market share to 75 percent. This was due to a very strong base comparison period that included the launch of M3Power and Venus Disposables. Additionally, sales were impacted by a planned reduction in distributor inventory levels in several developing countries in Asia where the Gillette business was integrated into existing P&G distributors. Overall, Blades and Razors volume/mix increased two percent and previously announced price increases added one percent to sales growth. Global market share on the Gillette Blades and Razors franchise grew roughly one point versus the prior year period to 73 percent. Earnings before income taxes were $361 million, down 17 percent versus the prior year due primarily to increased amortization charges from purchase accounting adjustments that impacted earnings before income taxes by 20 percent. Earnings benefited from strong sales in North America and synergy savings from overhead cost reductions, largely offset by increased marketing investment behind the Fusion launch and the sales declines in Western Europe and Asia. Net earnings for the segment were $265 million in the quarter. • Duracell and Braun sales were $763 million, down one percent versus the prior year including three percent of unfavorable foreign exchange. In the Duracell business, market share growth and price increases taken in North America to compensate for rising 5
  • 6. commodity costs were more than offset by unfavorable foreign exchange, strong competitive activity in Western Europe and unfavorable mix due to a trend toward larger pack sizes. Braun sales increased in North America behind Tassimo, but were partially offset by unfavorable foreign exchange and strong competitive activity in Germany. Overall, volume/mix and pricing each contributed one percent to segment sales growth, but were offset by negative three percent of unfavorable foreign exchange. Earnings before income taxes increased one percent to $76 million, including purchase accounting adjustments that negatively impacted earnings before income taxes by 13 percent. Earnings grew ahead of sales primarily because of base period charges for the shutdown of the Lexington manufacturing facility and synergy savings from overhead cost reductions. In addition, cost savings efforts resulting largely from the Gillette Functional Excellence program more than offset the effect of increased commodity costs. Net earnings for the segment were $54 million in the quarter. April - June and Fiscal Year Guidance For the current fiscal year, the company expects its fourth consecutive year of base business growth at or above its long-term growth targets. Organic sales, which exclude the impact of foreign exchange, acquisitions and divestitures, are expected to grow six to seven percent. The sales growth estimate includes a positive one percent contribution from pricing and mix. Foreign exchange is expected to have a negative one percent impact on sales growth while acquisitions and divestitures are expected to add about 14 percent growth to sales. Net sales are expected to grow 19 to 20 percent for the fiscal year. Earnings per share for the fiscal year are now expected to be between $2.61 and $2.63. The company raised the mid-point of its earnings per share estimate by $0.02 due to strong base business performance in the March quarter and the good progress the company is making on the Gillette integration. The earnings per share estimate includes $0.19 - $0.23 of Gillette dilution. The dilution estimate includes $0.10 to $0.11 of one-time expenses. In the April – June quarter, the company expects organic sales, which exclude the impact of acquisitions, divestitures and foreign exchange, to grow four to six percent compared to a very strong base period in which organic sales grew 9 percent. This includes up to one percent impact from pricing and mix. Foreign exchange is estimated to have a negative one to two percent impact on sales growth. Acquisitions and divestitures are expected to add 18 to 19 percent, resulting in net sales growth of 20 to 24 percent in the June quarter. 6
  • 7. Earnings per share for the June quarter are expected to be $0.52 to $0.54. This reflects the timing change of the favorable tax settlement from the June quarter to the March quarter as well as higher non-operating income in the June quarter versus the prior year period due to higher interest income and the planned impact of divestitures. For the fiscal year, the company continues to expect non-operating income to be down as a percentage of total net earnings. The June earnings per share estimate includes $0.06 to $0.09 per share of Gillette dilution. This dilution estimate includes one-time expenses of $0.03 - $0.04 per share. Excluding the impact of Gillette dilution, earnings per share for the June quarter are expected to be up high teens versus a strong year-ago base period. Forward Looking Statements All statements, other than statements of historical fact included in this release, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. In addition to the risks and uncertainties noted in this release, there are certain factors that could cause actual results to differ materially from those anticipated by some of the statements made. These include: (1) the ability to achieve business plans, including with respect to lower income consumers and growing existing sales and volume profitably despite high levels of competitive activity, especially with respect to the product categories and geographical markets (including developing markets) in which the Company has chosen to focus; (2) the ability to successfully execute, manage and integrate key acquisitions and mergers, including (i) the Company’s acquisition of The Gillette Company, and to achieve the cost and growth synergies in accordance with the stated goals of the Gillette transaction, and (ii) the Domination and Profit Transfer Agreement with Wella; (3) the ability to manage and maintain key customer relationships; (4) the ability to maintain key manufacturing and supply sources (including sole supplier and plant manufacturing sources); (5) the ability to successfully manage regulatory, tax and legal matters (including product liability, patent, and other intellectual property matters), and to resolve pending matters within current estimates; (6) the ability to successfully implement, achieve and sustain cost improvement plans in manufacturing and overhead areas, including the Company's outsourcing projects; (7) the ability to successfully manage currency (including currency issues in volatile countries), debt (including debt related to the Company’s announced plan to repurchase shares of the Company’s stock), interest rate and certain commodity cost exposures; (8) the ability to manage the continued global political and/or economic uncertainty and disruptions, especially in the Company's significant geographical markets, as well as any political and/or economic uncertainty and disruptions due to terrorist activities; (9) the ability to successfully manage 7
  • 8. competitive factors, including prices, promotional incentives and trade terms for products; (10) the ability to obtain patents and respond to technological advances attained by competitors and patents granted to competitors; (11) the ability to successfully manage increases in the prices of raw materials used to make the Company's products; (12) the ability to stay close to consumers in an era of increased media fragmentation; and (13) the ability to stay on the leading edge of innovation. 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 Three billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Pringles®, Folgers®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Actonel®, Duracell®, Olay®, Head & Shoulders®, Wella, Gillette®, and Braun. The P&G community consists of almost 140,000 employees working in over 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands. # # # P&G Media Contact: In the US: 1-866-PROCTER or 1-866-776-2837 International: +1-513-945-9087 P&G Investor Relations Contact: Chris Peterson – 513-983-2414 8
  • 9. 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. The reconciliation of reported sales growth to organic sales in the January – March 2006 quarter: Total P&G P&G Beauty Health Care Baby and Family Care Total Sales Growth 21% 6% 21% -1% Less: Foreign Exchange Impact 3% 3% 1% 3% Less: Acquisition/Divestiture Impact -18% -4% -19% 1% Organic Sales Growth 6% 5% 3% 3% Fabric and Snacks and Home Care Coffee Total Sales Growth 7% 4% Less: Foreign Exchange Impact 2% 2% Less: Acquisition/Divestiture Impact 0% 0% Organic Sales Growth 9% 6% April-June 2005: Total P&G Total Sales Growth 10% Less: Foreign Exchange Impact -2% Less: Acquisition/Divestiture Impact 1% Organic Sales Growth 9% 9
  • 10. Base Business EPS. Base EPS growth is defined as diluted earnings per share growth on the company’s business excluding the impact of Gillette dilution. Management views this as a more comparable measure of year-on-year earnings per share growth since the effects of Gillette only impact the current year period. The following provides a reconciliation of Base Business EPS and Base Business EPS growth in the March quarter versus the comparable prior year period: Diluted EPS per Share (January-March 2006) $0.63 Gillette Dilution Impact (January – March 2006) $0.07 - $0.08 Base Business EPS (January – March 2006) $0.70 - $0.71 Diluted EPS (January – March 2005) $0.59 Base Business EPS Growth 19% - 20% Free Cash Flow. Free cash flow is defined as operating cash flow, less capital spending. We view free cash flow as an important measure because it is one factor in determining the amount of cash available for dividends and discretionary investment. Free cash flow is also one of the measures used to evaluate senior management and is a factor in determining their at-risk compensation. Free Cash Flow Productivity. Free cash flow productivity is defined as the ratio of free cash flow to net earnings. The Company’s long-term target is to generate free cash at or above 90 percent of net earnings. Free cash flow is also one of the measures used to evaluate senior management. The reconciliation of free cash flow and free cash flow productivity is provided below ($ millions): Operating Capital Free Cash Net Free Cash Flow Cash Flow Spending Flow Earnings Productivity Jan - Mar ’06 $3,439 $(637) $2,802 $2,211 127% $8,185 $(1,666) $6,519 $6,786 96% Jul - Mar ’06 $6,589 $(1,386) $5,203 $5,531 94% Jul - Mar ’05 10
  • 11. THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions Except Per Share Amounts) Consolidated Earnings Information JFM QUARTER FYTD JFM 06 JFM 05 % CHG 3/31/2006 3/31/2005 % CHG NET SALES $ 17,250 $ 14,287 21 % $ 50,380 $ 42,483 19 % COST OF PRODUCTS SOLD 8,340 7,055 18 % 24,231 20,563 18 % GROSS MARGIN 8,910 7,232 23 % 26,149 21,920 19 % SELLING, GENERAL & ADMINISTRATIVE EXPENSE 5,559 4,690 19 % 15,849 13,607 16 % OPERATING INCOME 3,351 2,542 32 % 10,300 8,313 24 % TOTAL INTEREST EXPENSE 301 222 819 603 OTHER NON-OPERATING INCOME, NET 79 60 221 297 EARNINGS BEFORE INCOME TAXES 3,129 2,380 31 % 9,702 8,007 21 % INCOME TAXES 918 766 2,916 2,476 NET EARNINGS 2,211 1,614 37 % 6,786 5,531 23 % EFFECTIVE TAX RATE 29.3 % 32.2 % 30.1 % 30.9 % PER COMMON SHARE: BASIC NET EARNINGS $ 0.67 $ 0.63 6% $ 2.22 $ 2.15 3% DILUTED NET EARNINGS $ 0.63 $ 0.59 7% $ 2.10 $ 2.01 4% DIVIDENDS $ 0.28 $ 0.25 $ 0.84 $ 0.75 AVERAGE DILUTED SHARES OUTSTANDING 3,510.5 2,730.3 3,235.4 2,749.4 COMPARISONS AS A % OF NET SALES Basis Pt Chg Basis Pt Chg COST OF PRODUCTS SOLD 48.3 % 49.4 % (110) 48.1 % 48.4 % (30) GROSS MARGIN 51.7 % 50.6 % 110 51.9 % 51.6 % 30 SELLING, GENERAL & ADMINISTRATIVE EXPENSE 32.2 % 32.8 % (60) 31.5 % 32.0 % (50) OPERATING MARGIN 19.4 % 17.8 % 160 20.4 % 19.6 % 80 EARNINGS BEFORE INCOME TAXES 18.1 % 16.7 % 140 19.3 % 18.8 % 50 NET EARNINGS 12.8 % 11.3 % 150 13.5 % 13.0 % 50
  • 12. THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions) Consolidated Cash Flows Information Nine Months Ended March 31 2006 2005 BEGINNING CASH 6,389 4,232 OPERATING ACTIVITIES NET EARNINGS 6,786 5,531 DEPRECIATION AND AMORTIZATION 1,891 1,403 SHARE-BASED COMPENSATION EXPENSE 400 370 DEFERRED INCOME TAXES 116 445 CHANGES IN: ACCOUNTS RECEIVABLE (250) (197) INVENTORIES (161) (778) ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES (582) (115) OTHER OPERATING ASSETS & LIABILITIES (81) (221) OTHER 66 151 TOTAL OPERATING ACTIVITIES 8,185 6,589 INVESTING ACTIVITIES CAPITAL EXPENDITURES (1,666) (1,386) PROCEEDS FROM ASSET SALES 352 368 ACQUISITIONS, NET OF CASH ACQUIRED 216 (528) CHANGE IN INVESTMENT SECURITIES 491 (56) TOTAL INVESTMENT ACTIVITIES (607) (1,602) FINANCING ACTIVITIES DIVIDENDS TO SHAREHOLDERS (2,645) (1,998) CHANGE IN SHORT-TERM DEBT (6,009) 1,317 ADDITIONS TO LONG TERM DEBT 17,136 3,048 REDUCTION OF LONG TERM DEBT (4,367) (1,583) PROCEEDS FROM THE EXERCISE OF STOCK OPTIONS AND OTHER 1,119 406 TREASURY PURCHASES (10,596) (3,580) TOTAL FINANCING ACTIVITIES (5,362) (2,390) EXCHANGE EFFECT ON CASH 70 243 CHANGE IN CASH AND CASH EQUIVALENTS 2,286 2,840 ENDING CASH 8,675 7,072 THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions) Consolidated Balance Sheet Information March 31, 2006 June 30, 2005 CASH AND CASH EQUIVALENTS $ 8,675 $ 6,389 INVESTMENTS SECURITIES 1,524 1,744 ACCOUNTS RECEIVABLE 5,404 4,185 TOTAL INVENTORIES 6,732 5,006 OTHER 4,280 3,005 TOTAL CURRENT ASSETS 26,615 20,329 NET PROPERTY, PLANT AND EQUIPMENT 18,473 14,332 NET GOODWILL AND OTHER INTANGIBLE ASSETS 87,857 24,163 OTHER NON-CURRENT ASSETS 3,277 2,703 TOTAL ASSETS $ 136,222 $ 61,527 ACCOUNTS PAYABLE $ 4,063 $ 3,802 ACCRUED AND OTHER LIABILITIES 9,219 7,531 TAXES PAYABLE 2,924 2,265 DEBT DUE WITHIN ONE YEAR 3,837 11,441 TOTAL CURRENT LIABILITIES 20,043 25,039 LONG-TERM DEBT 33,916 12,887 OTHER 17,239 5,126 TOTAL LIABILITIES 71,198 43,052 TOTAL SHAREHOLDERS' EQUITY 65,024 18,475 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 136,222 $ 61,527
  • 13. THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES (Amounts in Millions) Consolidated Earnings Information Three Months Ended March 31, 2006 % Change Earnings % Change % Change Versus Before Versus Net Versus Net Sales Year Ago Income Taxes Year Ago Earnings Year Ago P&G BEAUTY $ 5,155 6% $ 1,041 7% $ 738 10% HEALTH CARE 2,427 21% 446 29% 298 28% BABY CARE AND FAMILY CARE 3,031 -1% 530 5% 326 2% P&G FAMILY HEALTH 5,458 8% 976 15% 624 13% FABRIC CARE AND HOME CARE 4,080 7% 814 13% 545 13% SNACKS AND COFFEE 796 4% 177 13% 109 12% P&G HOUSEHOLD CARE 4,876 6% 991 13% 654 13% BLADES AND RAZORS 1,187 N/A 361 N/A 265 N/A DURACELL AND BRAUN 763 N/A 76 N/A 54 N/A GLOBAL GILLETTE 1,950 N/A 437 N/A 319 N/A TOTAL BUSINESS SEGMENT 17,439 20% 3,445 28% 2,335 30% CORPORATE (189) N/A (316) N/A (124) N/A TOTAL COMPANY 17,250 21% 3,129 31% 2,211 37% Nine Months Ended March 31, 2006 % Change Earnings % Change % Change Versus Before Versus Net Versus Net Sales Year Ago Income Taxes Year Ago Earnings Year Ago P&G BEAUTY $ 15,514 7% $ 3,285 6% $ 2,369 11% HEALTH CARE 7,149 21% 1,582 36% 1,061 36% BABY CARE AND FAMILY CARE 9,066 2% 1,561 0% 976 0% P&G FAMILY HEALTH 16,215 10% 3,143 15% 2,037 16% FABRIC CARE AND HOME CARE 12,376 8% 2,665 10% 1,779 10% SNACKS AND COFFEE 2,429 3% 429 -7% 277 -6% P&G HOUSEHOLD CARE 14,805 8% 3,094 8% 2,056 8% BLADES AND RAZORS 2,340 N/A 736 N/A 537 N/A DURACELL AND BRAUN 2,042 N/A 319 N/A 219 N/A GLOBAL GILLETTE 4,382 N/A 1,055 N/A 756 N/A TOTAL BUSINESS SEGMENT 50,916 18% 10,577 22% 7,218 24% CORPORATE (536) N/A (875) N/A (432) N/A TOTAL COMPANY 50,380 19% 9,702 21% 6,786 23% JANUARY - MARCH NET SALES INFORMATION (Percent Change vs. Year Ago) * Volume Volume With Without Acquisitions/ Acquisitions/ Total Total Impact Divestitures Divestitures FX Price Mix/Other Impact Ex-FX P&G BEAUTY 8% 4% -3% 0% 1% 6% 9% P&G FAMILY HEALTH HEALTH CARE 18% -1% -1% 1% 3% 21% 22% BABY CARE AND FAMILY CARE 2% 3% -3% 2% -2% -1% 2% P&G HOUSEHOLD CARE FABRIC CARE AND HOME CARE 7% 7% -2% 2% 0% 7% 9% SNACKS AND COFFEE 3% 3% -2% 3% 0% 4% 6% GLOBAL GILLETTE BLADES & RAZORS N/A N/A N/A N/A N/A N/A N/A DURACELL AND BRAUN N/A N/A N/A N/A N/A N/A N/A TOTAL COMPANY 22% 5% -3% 1% 1% 21% 24% * These sales percentage changes are approximations based on quantitative formulas that are consistently applied.