The Procter & Gamble Company (PG) , also known as P&G, has shown a consistent upward trend in recent months. This momentum has been driven by the company’s extensive and varied revenue base, allowing it to capitalize on growth opportunities in emerging markets while maintaining steady income from developed regions.Notably, this Cincinnati, OH-based consumer goods company hit a 52-week high of $171.89 on Aug 21, 2024, marking its second 52-week high in less than two months. Before this, the PG stock reached ...

证券研究报告 ＃industryId＃ 消费行业 海＃外em消ai费lA研uth究or＃ ＃分a析ss师Au：thor＃ 宋婧茹 songjingru@xyzq.com.cn SFC：BQI321 SAC：S0190520050002 chenyawen@xyzq.com.cn ＃ PG.N ＃宝dy洁Com公pa司ny＃ (PROCTER & GAMBLE) ＃title＃ 业绩稳健，市占率有望持续提升 增持（维持） ＃createTime1＃ 2024 年 8 月 6 日 投资要点 ＃summary＃ 男士理容、健康护理及美容产品需求较强：公司 2024Q4 净销售额为 205 亿美元，与去年同期持平。拆分因素来看，总销售量增长 1%，价格上涨 1%，不利的外汇因素抵消 2%。排除外汇、收购和资产剥离的影响，有机 销售额和销售量均增长 2%。美容/男士理容/健康护理/织物与家居护理/婴 儿、女性与家庭护理有机收入分别同比变动 3%/7%/4%/2%/-1%。其中男士 理容增速最快，主要受益于更高定价、优质产品组合和销量增长的推动； 美容部门有机销售额同比增长 3%，其中皮肤和个人护理产品的有机销售额 保持 ...

Topic 1: Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to higher marketing costs [3]. Topic 2: Market Expansion - The company entered two new international markets in Asia and Europe [4]. - Market share in the domestic market grew by 3% [5]. - Strategic partnerships were formed with local distributors in the new regions [6]. Topic 3: Product Development - Launched three new products in the tech segment [7]. - R&D investment increased by 20% to support innovation [8]. - Customer feedback on the new products has been overwhelmingly positive [9]. Topic 4: Operational Efficiency - Implemented a new ERP system to streamline operations [10]. - Production efficiency improved by 5% due to process optimization [11]. - Reduced supply chain delays by 15% through better logistics management [12]. Topic 5: Employee Engagement - Employee satisfaction scores increased by 10% following new HR initiatives [13]. - Training programs were expanded to cover more technical skills [14]. - Retention rates improved by 7% compared to the previous year [15]. Topic 6: Sustainability Initiatives - Reduced carbon emissions by 12% through renewable energy adoption [16]. - Launched a recycling program that achieved a 20% reduction in waste [17]. - Committed to achieving net-zero emissions by 2030 [18].

Procter & Gamble Company (PG) has reported fourth-quarter fiscal 2024 results, wherein earnings surpassed the Zacks Consensus Estimate and improved year over year. Meanwhile, sales missed the consensus mark and were flat year over year. The company’s organic sales grew year over year, driven by robust pricing and volume trends. Shares fell 4.8% in the key trading session on Jul 30, 2024.Inside the HeadlineProcter & Gamble’s core earnings of $1.40 per share increased 2% from the year-ago quarter and beat the ...

Procter & Gamble NYSE: PG is in the consumer staples sector and is by far the world’s largest company in the household products industry, with a market capitalization of over $350 billion. The next closest is Colgate-Palmolive NYSE: CL at just over $80 billion.The company released Q4 2024 and full-year financial results on July 30, 2024. We'll dive into the annual report to overview operations, review the quarterly results, and highlight key aspects to watch going forward.Get Colgate-Palmolive alerts:Breaki ...

RobsonPL/iStock Editorial via Getty Images Overview The Consumer Staples sector (XLP) continues to lag behind the rest of the S&P 500 (SPY) by a wide margin. As a result, we've seen Procter & Gamble (NYSE:PG) (NEOE:PG:CA) follow a similar level of underperformance. Looking at the chart below, we can see that PG has returned investors a price increase of about 2.8%, compared to the S&P's rise of over 20%. PG recently announced their Q4 earnings, and some underwhelming growth has caused the stock to retre ...

Procter & Gamble announced a 4% organic sales growth for fiscal year 2024, continuing a streak of six consecutive years with at least a 4% rise. Net sales rose 2%, to $84 billion, while fourth-quarter sales, shipment volumes and product mix were flat year over year.The Cincinnati-based consumer packaged goods (CPG) company reported net income of $3.14 billion for the fiscal fourth quarter. P&G CEO Jon Moeller highlighted the company’s ability to meet or exceed its growth targets despite a challenging econom ...

The Procter & Gamble Company (PG) has reported fourth-quarter fiscal 2024 results, wherein earnings surpassed the Zacks Consensus Estimate and improved year over year. Meanwhile, sales missed the consensus mark and were flat year over year. The company’s organic sales grew year over year, driven by robust pricing and volume trends.Procter & Gamble’s core earnings of $1.40 per share increased 2% from the year-ago quarter and beat the Zacks Consensus Estimate of $1.37. Currency-neutral net earnings per share ...

Financial Data and Key Metrics - Organic sales growth for fiscal year 2024 was 4%, marking the sixth consecutive year of 4% or better organic growth despite challenging market conditions [7] - Core earnings per share (EPS) for the year were $6 59, up 12% year-over-year, with core gross margin improving by 360 basis points and core operating margin increasing by 170 basis points [9] - Adjusted free cash flow productivity was 105%, and the company returned over $14 billion to shareholders, including $9 3 billion in dividends and $5 billion in share repurchases [9] - In Q4 2024, organic sales growth was 2%, with volume up 2% and pricing up 1% [10] - Core EPS for Q4 was $1 40, up 2% year-over-year, with core gross margin increasing by 140 basis points [13] Business Line Performance - Eight out of ten product categories grew organic sales in fiscal 2024, with home care, hair care, and grooming showing high single-digit growth, while skin and personal care and baby care declined by low single digits [7] - In Q4 2024, nine out of ten product categories grew or held organic sales, with home care, hair care, grooming, and oral care each up by high single digits [10] - The beauty segment, excluding SK-II, grew 6% in Q4 and 7% for the fiscal year, with strong performance in hair care and personal care brands like Head & Shoulders, Pantene, and Native [87][88] Market Performance - North America organic sales grew 5% for the year and 4% in Q4, driven by strong volume growth [8][10] - Greater China organic sales declined 9% for the year and 8% in Q4, primarily due to weak market conditions and brand-specific headwinds for SK-II [8][12] - Latin America saw 15% organic sales growth for the year and 8% in Q4, with Brazil contributing high single-digit growth [8][11] - E-commerce sales increased 9% for the year, now representing 18% of total company sales [8] Strategy and Industry Competition - The company's strategy focuses on driving market growth through superior products, packages, and brand communication, with a commitment to innovation across five vectors: product, package, brand communication, retail execution, and value [19][20] - Productivity improvements of over $2 3 billion were achieved in fiscal 2024, enabling increased investment in innovation and marketing [9][22] - The company is focusing on supply chain optimization, environmental sustainability, digital acumen, and employee value to strengthen its competitive position [25][26][27][28] Management Commentary on Operating Environment and Future Outlook - Management acknowledged the challenging economic and geopolitical environment but expressed confidence in the company's ability to deliver balanced growth and value creation [14][17] - For fiscal 2025, the company expects organic sales growth of 3% to 5% and core EPS growth of 5% to 7%, despite headwinds from commodity costs and foreign exchange [30][31] - The company plans to return $16 billion to $17 billion to shareholders through dividends and share repurchases in fiscal 2025 [32] Other Important Information - The company divested its operations in Argentina, which will be largely removed from organic sales reporting in fiscal 2025 [11] - The company expects headwinds in China and the Middle East to moderate or annualize over the coming periods, with a return to growth anticipated in the second half of fiscal 2025 [12][41] Q&A Session Summary Question: Organic sales growth in Q4 and market performance [36] - Response: 85% of the business performed in line with expectations, with strong growth in North America and Europe, while headwinds in China, the Middle East, and Argentina impacted results [37][38][39] Question: Balance between pricing and volume in fiscal 2025 guidance [46] - Response: The company expects a balanced contribution from volume and price mix, with productivity improvements supporting continued investment in marketing and innovation [49][50] Question: Performance of fabric care and baby care segments [55] - Response: Fabric care is expected to re-accelerate with new innovations, while baby care shows strong performance in North America but faces challenges in Europe [57][59][60] Question: Consumer environment and channel performance [64] - Response: The company does not see significant consumer pressure in North America or Europe, with private label shares stable and consistent category growth [65][66][68] Question: Enterprise markets and assumptions for China and the Middle East [71] - Response: Enterprise markets grew 6% for the year, with Latin America up 15% The company assumes annualization of headwinds in China and the Middle East, with potential for improvement in the upper end of the guidance range [72][73] Question: Pricing elasticity and promotional environment [76] - Response: Pricing and mix have been positive contributors for 19 years, with a stable promotional environment in North America and Europe [77] Question: Commodity outlook and transportation costs [79] - Response: The commodity headwind for fiscal 2025 is primarily driven by pulp, with transportation costs remaining stable [80][81] Question: Beauty segment performance and growth potential [85] - Response: Excluding SK-II, the beauty segment grew 6% in Q4 and 7% for the year, with strong performance in hair care and personal care brands [87][88] Question: China market dynamics and portfolio performance [91] - Response: The company expects China to return to mid-single-digit growth over time, with stable run rates and strong performance in baby care and hair care [92][93][95] Question: Investment levels in trade spending and advertising [97] - Response: The company is satisfied with the payout from increased media spend, which is driving market growth and sales growth in key regions [99][100] Question: Promotions and mid-tier product innovation [104] - Response: The company remains focused on delivering superior value at every price tier, with innovation driving growth in mid-tier products like Luvs [105][107] Question: SK-II brand performance and portfolio fit [111] - Response: The company is transitioning its portfolio to better align with digital channels in China, with a focus on creating value in both brick-and-mortar and online channels [113] Question: North America consumer trends and pricing annualization [115] - Response: The company expects price mix neutralization to continue through the first half of fiscal 2025, with stable volume growth [116] Question: Olympic sponsorship and brand building [118] - Response: The company views Olympic sponsorship as a brand-building opportunity, with activation focused on regions closer to the event [119][120] Question: Long-term strategy and performance [121] - Response: The company's strategy has delivered strong results over the past six years, with significant sales, profit, and market cap growth, and remains confident in its ability to navigate future challenges [122][123]

Key TakeawaysProcter & Gamble posted a decline in sales of beauty products and diapers, and shares tumbled Tuesday.The consumer products giant missed revenue estimates, although adjusted profit was better than expected.P&G also faced what it called "unfavorable foreign exchange impacts." Shares of Procter & Gamble (PG) tumbled Tuesday when the consumer products giant missed revenue estimates as sales of its beauty products and diapers declined. P&G reported fiscal 2024 fourth-quarter revenue was basically u ...