Procter & Gamble Reports 2Q 2017 Results

The Procter & Gamble Company reported second quarter fiscal year 2017 net sales of $16.9 billion, unchanged versus the prior year. Organic sales increased two percent. Organic sales and organic volume increased in all five business segments. Diluted net earnings per share were $2.88, an increase of 157% versus the prior year, including a gain of $1.95 per share from the Beauty Brands divestiture to Coty. Core earnings per share were $1.08, an increase of four percent versus the prior year. Currency-neutral core EPS increased nine percent versus the prior year.

Operating cash flow was $3.0 billion for the quarter. Adjusted free cash flow productivity was 82%. The Company returned $1.8 billion of cash to shareholders as dividends, repurchased $1.5 billion of common stock and exchanged shares with a value of $9.4 billion in the Beauty Brands transaction.

"We delivered good results in the second quarter in a difficult operating environment," said chairman, president and CEO David Taylor. "Stronger top-line performance in the first half of the fiscal year is enabling us to increase our organic sales growth outlook for the full year - another step towards the levels of balanced top-line, bottom-line, and cash flow growth that will consistently put P&G shareholder value creation among the best in our industry."