宝洁公司第四季度业绩好坏参半

与市场预期相比，宝洁公司第四季度业绩好坏参半。该公司报告摊薄后每股收益为 1.27 美元，低于预期的 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.

宝洁公司 (NYSE:PG) 周五公布了第四季度和 2024 财年的喜忧参半的业绩。这家消费品巨头的每股核心收益超出了华尔街的预期，但总体每股收益数据却低于预期。以下是宝洁公司收益报告的主要要点的简要概述。

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.

宝洁公司第四季度盈利概况宝洁公司报告称，截至 6 月 30 日的第四季度稀释后每股收益为 1.27 美元，而上年同期为 1.37 美元，低于分析师预期的 1.37 美元。然而，在核心基础上，该公司每股盈利 1.40 美元，超过街景观点的 1.37 美元，同比增长 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.

财报中其他值得注意的数字包括稀释每股收益下降 7%、核心每股收益增长 2%、货币中性核心每股收益增长 6%，以及净销售额持平，仍保持在 205 亿美元。第四季度有机销售额增长 2%，主要是由于总销量增长 1% 以及定价上涨导致的 1% 增长，但被 2% 的不利外汇影响所抵消。

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.

宝洁公司各部门的业绩表现各不相同，其中美妆部门的有机销售额在更高的定价和有利的产品组合的推动下增长了 3%。 Grooming 的有机销售额增长了 7%，这主要是由于拉丁美洲的定价上涨和创新带来的销量增长。医疗保健和织物及家庭护理领域的有机销售额也分别增长了 4% 和 2%。然而，婴儿、女性和家庭护理领域的有机销售额下降了 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.

宝洁公司还强调，该公司与包括尼日利亚在内的某些企业市场的业务大幅清算相关的重组费用影响了总体每股收益数据。

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.

宝洁公司第四季度业绩与市场预期相比 宝洁公司第四季度业绩在某些方面未达到华尔街预期。该公司报告摊薄后每股收益为 1.27 美元，低于预期的 1.37 美元，较上年下降 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，核心每股收益为 1.40 美元，略高于预期的 1.37 美元，增长 2%。这种差异凸显了重组费用等非经常性项目对公司盈利能力的影响。

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.

营收方面，宝洁公布第四季度净销售额为205亿美元，略低于市场预期的207.3亿美元。净销售额表现持平主要是由于不利的汇率影响，抵消了销量和定价增加带来的收益。

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.

宝洁公司2%的有机销售额增长符合公司内部目标，但没有达到更高的市场预期。

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.

宝洁2024财年业绩及展望2024财年业绩也呈现出类似的趋势。宝洁公司今年的净销售额为 840 亿美元，比上年增长 2%，但与有机销售额 4% 的增长相比，增长幅度不大。本财年稀释后每股收益为 6.02 美元，增长 2%，而核心每股收益强劲增长 12%，达到 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.

该公司强劲的现金流生成和股东回报，包括 93 亿美元的股息支付和 50 亿美元的股票回购，是本财年的亮点。

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%.

展望未来，宝洁公司为 2025 财年提供了指引，预计总销售额较上年增长 2% 至 4%。该公司预计汇率影响将带来约 1% 的阻力，但预计有机销售额将增长 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.

这一前景反映了宝洁公司对其通过定价和创新推动增长的能力充满信心，尽管面临外部挑战。宝洁预计 2025 财年摊薄后每股净利润将增长 10% 至 12%，而 2024 财年 GAAP 每股收益为 6.02 美元。核心每股收益预计增长 5% 至 7%，相当于每股 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.

中值预估为 6.98 美元，较上年增长 6%。该公司还预计，不利的商品成本和外汇带来的税后净阻力约为 5 亿美元，相当于每股核心每股收益增长受到 0.20 美元的拖累。

P&G expects a core effective tax rate of

宝洁公司预计核心有效税率为