Procter & Gamble Q4 Sales Grew With Inflation, But Gillette Shaved Off Earnings

Core Insights - Procter & Gamble's Q2 FY2024 earnings and revenue missed analyst expectations, with revenue rising 3% year-over-year to $21.4 billion, primarily due to higher prices [1][3] - Net earnings fell 12% to $3.46 billion or $1.4 per diluted share, impacted by a $1.3 billion impairment charge related to the Gillette brand [1][2] - The impairment charge led to a reduction in P&G's FY2024 earnings projection, now expecting a 1% decline to in-line earnings compared to FY2023 EPS of $5.90, down from a previous estimate of 6% to 9% growth [2] Financial Performance - Revenue for Q2 FY2024 was $21.4 billion, slightly below analyst estimates of $21.6 billion, and up from $20.8 billion in Q2 FY2023, reflecting a 3% year-over-year increase [3] - Earnings per share (EPS) for Q2 FY2024 was $1.4, missing analyst expectations of $1.59, and down 12% from $1.59 in the same quarter last year [3] - Net income for the quarter was reported at $3.46 billion, compared to $4.2 billion in the previous quarter, marking a 12% decline year-over-year [3]