寶潔公司第四季業績好壞參半

與市場預期相比，寶潔公司第四季業績好壞參半。該公司報告攤薄後每股收益為 1.27 美元，低於預期的 1.37 美元

Procter & Gamble (NYSE:PG) reported mixed fourth-quarter and fiscal 2024 results on Friday. The consumer goods giant topped Wall Street estimates for core earnings per share but missed on the headline EPS figure. Here’s a brief overview of the key takeaways from the P&G earnings report.

寶潔公司 (NYSE:PG) 週五公佈了第四季度和 2024 財年的喜憂參半的業績。這家消費品巨頭的每股核心收益超出了華爾街的預期，但整體每股收益數據卻低於預期。以下是寶潔公司收益報告的主要要點的簡要概述。

P&G Q4 earnings snapshotProcter & Gamble reported $1.27 of diluted earnings per share in the fourth quarter that ended on June 30th, versus the prior year’s $1.37 and fell short of analysts’ estimate of $1.37. On a core basis, however, the company earned $1.40 per share, exceeding the Street view of $1.37 and marking a 2% year over year increase.

寶潔公司第四季度獲利概況寶潔公司報告稱，截至 6 月 30 日的第四季度稀釋後每股收益為 1.27 美元，而去年同期為 1.37 美元，低於分析師預期的 1.37 美元。然而，在核心基礎上，該公司每股獲利 1.40 美元，超過街景觀點的 1.37 美元，比去年同期成長 2%。

Other notable figures in the earnings announcement include a 7% decline in diluted EPS, a 2% rise in core EPS, a 6% growth in currency-neutral core EPS, and a flat performance in net sales that remained at $20.5 billion. The fourth-quarter organic sales increased by 2%, driven primarily by a 1% increase in all-in volume and a 1% increase due to higher pricing, offset by a 2% unfavorable foreign exchange impact.

財報中其他值得注意的數字包括稀釋每股收益下降 7%、核心每股收益成長 2%、貨幣中性核心每股收益成長 6%，以及淨銷售額持平，仍維持在 205 億美元。第四季有機銷售額成長 2%，主要是由於總銷量成長 1% 以及定價上漲導致的 1% 成長，但被 2% 的不利外匯影響所抵銷。

Procter & Gamble’s segments varied in performance, with Beauty posting a 3% increase in organic sales, driven by higher pricing and favorable product mix. Grooming’s organic sales increased by 7%, primarily due to pricing gains in Latin America and volume growth from innovation. Health Care and Fabric & Home Care segments also posted organic sales growth of 4% and 2%, respectively. However, the Baby, Feminine, and Family Care segment saw a 1% decline in organic sales.

寶潔公司各部門的業績表現各不相同，其中美妝部門的有機銷售額在更高的定價和有利的產品組合的推動下增長了 3%。 Grooming 的有機銷售額成長了 7%，這主要是由於拉丁美洲的定價上漲和創新帶來的銷售成長。醫療保健和織品及家庭護理領域的有機銷售額也分別成長了 4% 和 2%。然而，嬰兒、女性和家庭護理領域的有機銷售額下降了 1%。

Procter & Gamble also highlighted that the company’sをめぐる話 restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Nigeria, impacted the headline EPS figure.

寶潔公司也強調，該公司與包括奈及利亞在內的某些企業市場的業務大幅清算相關的重組費用影響了整體每股收益數據。

P&G’s fourth-quarter performance compared to market expectationsProcter & Gamble’s fourth-quarter performance fell short of Wall Street expectations on some fronts. The company reported a diluted EPS of $1.27, which was below the expected $1.37, marking a 7% decline from the previous year.

寶潔公司第四季業績與市場預期相比 寶潔公司第四季業績在某些方面未達到華爾街預期。該公司報告攤薄後每股收益為 1.27 美元，低於預期的 1.37 美元，較上年下降 7%。

However, the core EPS of $1.40 slightly exceeded the expectation of $1.37, reflecting a 2% increase. This discrepancy highlights the impact of non-recurring items such as restructuring charges on the company’s profitability.

然而，核心每股收益為 1.40 美元，略高於預期的 1.37 美元，成長 2%。這種差異凸顯了重組費用等非經常性項目對公司獲利能力的影響。

In terms of revenue, P&G reported net sales of $20.5 billion for the fourth quarter, which were slightly below the market expectation of $20.73 billion. The flat performance in net sales was primarily due to unfavorable foreign exchange impacts, offsetting gains from increased volume and pricing.

營收方面，寶潔公佈第四季淨銷售額為205億美元，略低於市場預期的207.3億美元。淨銷售表現持平主要是由於不利的匯率影響，抵銷了銷售和定價增加帶來的收益。

Procter & Gamble’s organic sales growth of 2% was in line with the company’s internal targets but did not meet the higher market expectations.

寶潔公司2%的有機銷售成長符合公司內部目標，但沒有達到更高的市場預期。

P&G’s fiscal 2024 results and outlookThe fiscal year 2024 results also showed a similar trend. P&G’s net sales for the year were $84.0 billion, a 2% increase from the previous year, but the growth was modest compared to the 4% increase in organic sales. Diluted EPS for the fiscal year was $6.02, a 2% increase, while core EPS saw a robust 12% growth to $6.59.

寶潔2024財年業績及展望2024財年業績也呈現類似的趨勢。寶潔公司今年的淨銷售額為 840 億美元，比上年成長 2%，但與有機銷售額 4% 的成長相比，成長幅度不大。本財年稀釋後每股收益為 6.02 美元，成長 2%，而核心每股收益強勁成長 12%，達到 6.59 美元。

The company’s strong cash flow generation and shareholder returns, including $9.3 billion in dividend payments and $5 billion in share repurchases, were highlights of the fiscal year.

該公司強勁的現金流產生和股東回報，包括 93 億美元的股息支付和 50 億美元的股票回購，是本財年的亮點。

Looking ahead, Procter & Gamble has provided guidance for fiscal year 2025, expecting all-in sales growth of 2% to 4% versus the prior year. The company anticipates a headwind of approximately 1% from foreign exchange impacts, but it expects organic sales growth of 3% to 5%.

展望未來，寶潔公司為 2025 財年提供了指引，預計總銷售額將較上年增長 2% 至 4%。該公司預計匯率影響將帶來約 1% 的阻力，但預計有機銷售額將成長 3% 至 5%。

This outlook reflects P&G’s confidence in its ability to drive growth through pricing and innovation, despite external challenges. P&G projects fiscal 2025 diluted net earnings per share growth in the range of 10% to 12% compared to fiscal 2024 GAAP EPS of $6.02. Core EPS growth is expected to be between 5% and 7%, equating to a range of $6.91 to $7.05 per share.

這一前景反映了寶潔公司對其透過定價和創新推動成長的能力充滿信心，儘管面臨外部挑戰。寶潔預計 2025 財年攤薄後每股淨利將成長 10% 至 12%，而 2024 財年 GAAP 每股收益為 6.02 美元。核心每股收益預計將成長 5% 至 7%，相當於每股 6.91 美元至 7.05 美元。

The midpoint estimate of $6.98 represents a 6% increase from the previous year. The company also anticipates a net headwind of around $500 million after-tax from unfavorable commodity costs and foreign exchange, equating to a $0.20 per share drag on core EPS growth.

中位數預估為 6.98 美元，較上年增長 6%。該公司還預計，不利的商品成本和外匯帶來的稅後淨阻力約為 5 億美元，相當於每股核心每股收益成長受到 0.20 美元的拖累。

P&G expects a core effective tax rate of

寶潔公司預計核心有效稅率為