(Finance) – Procter & Gamble (P&G), an American multinational consumer goods company, reported a net turnover for the first quarter of fiscal 2024 (ended September 30, 2023) of $21.9 billion, an increase of 6% from the prior year. The organic sales, which exclude the impact of foreign exchange and acquisitions and divestitures, increased by 7%. The increase in sales was driven by a 7% increase due to higher prices and by a 1% increase due to favorable product mix, partially offset by a 1% decrease in volumes.
The operating cash flow was 4.9 billion dollars and the net profits were $4.6 billion for the quarter. L’net profit per share was $1.83, an increase of 17% over the previous year. The company returned $3.8 billion in cash to shareholders through dividend payments of approximately $2.3 billion and common stock repurchases of $1.5 billion.
The analysts they expected on average, according to LSEG data, earnings per share of $1.72 on revenues of $21.6 billion.
“We achieved very positive results in the first quarter of fiscal 2024, putting on track to reach the top end of our guidance ranges of the fiscal year for organic sales and core EPS growth,” said CEO Jon Moeller.