P&G said net sales for the 6 months ended December 31, 2023 rose 5% from the prior-year period to $43.3 billion, net earnings were $8.0 billion, and diluted EPS rose 2% to $3.23.

10-QQuarterly reportFiled Jan 23, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

P&G said net sales for the 6 months ended December 31, 2023 rose 5% from the prior-year period to $43.3 billion, net earnings were $8.0 billion, and diluted EPS rose 2% to $3.23.
The company said it recorded a non-cash impairment charge of $1.3 billion before tax ($1.0 billion after tax) on the Gillette intangible asset in the quarter ended December 31, 2023. The company cited a higher discount rate, the weakening of several currencies against the U.S. dollar and the limited market portfolio restructuring as factors.
The company announced a limited market portfolio restructuring in December 2023, primarily in certain Enterprise Markets, including Argentina and Nigeria. It said it expects to record incremental restructuring charges of $1.0 to $1.5 billion after tax. The company said the charges are primarily foreign currency translation losses and that it expects to recognize them in fiscal 2024 and 2025.
The company said operating cash flow for the 6 months ended December 31, 2023 rose $2.4 billion from the prior-year period to $10.0 billion. Adjusted free cash flow was $8.7 billion, and adjusted free cash flow productivity was 96%.

Key figures

Quarter ended December 31, 2023

Revenue: $21.4B
Operating income: $4.4B
Net income: $3.5B
EPS: $1.40

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

6-Month Net Sales, Net Earnings and EPS

P&G said net sales for the 6 months ended December 31, 2023 rose 5% from the prior-year period to $43.3 billion, net earnings were $8.0 billion, and diluted EPS rose 2% to $3.23.

Source · Based on the MD&A text of the filing

Gillette Intangible Asset Impairment

The company said it recorded a non-cash impairment charge of $1.3 billion before tax ($1.0 billion after tax) on the Gillette intangible asset in the quarter ended December 31, 2023. The company cited a higher discount rate, the weakening of several currencies against the U.S. dollar and the limited market portfolio restructuring as factors.

Source · Based on the MD&A text of the filing

Limited Market Portfolio Restructuring

The company announced a limited market portfolio restructuring in December 2023, primarily in certain Enterprise Markets, including Argentina and Nigeria. It said it expects to record incremental restructuring charges of $1.0 to $1.5 billion after tax. The company said the charges are primarily foreign currency translation losses and that it expects to recognize them in fiscal 2024 and 2025.

Source · Based on the MD&A text of the filing

6-Month Operating Cash Flow and Free Cash Flow

The company said operating cash flow for the 6 months ended December 31, 2023 rose $2.4 billion from the prior-year period to $10.0 billion. Adjusted free cash flow was $8.7 billion, and adjusted free cash flow productivity was 96%.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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