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Mar 31, 2021
Procter & Gamble Q3 2021 Earnings Report
Procter & Gamble's Q3 2021 results reflected solid top-line, bottom-line, and cash performance amidst a challenging operating environment.
Key Takeaways
Procter & Gamble reported a 5% increase in net sales to $18.1 billion for Q3 2021. Organic sales grew by 4%. Diluted net earnings per share increased by 13% to $1.26. The company returned $5 billion to shareholders through dividends and stock repurchases and maintained sales and earnings guidance while raising the outlook for adjusted free cash flow productivity and cash return.
Net sales increased by 5% compared to the prior year, reaching $18.1 billion.
Organic sales grew by 4%, driven by increased pricing and positive mix impact.
Diluted net earnings per share rose by 13% to $1.26.
The company returned $5 billion to shareholders through dividends and stock repurchases.
Revenue by Segment
Forward Guidance
P&G maintained its outlook for fiscal 2021 all-in and organic sales growth in the range of five to six percent versus the prior fiscal year. P&G maintained guidance for core earnings per share growth in the range of eight to ten percent versus fiscal 2020 core EPS of $5.12.
Positive Outlook
- Fiscal 2021 all-in sales growth in the range of 5-6%.
- Fiscal 2021 organic sales growth in the range of 5-6%.
- Fiscal 2021 GAAP diluted net earnings per share growth in the range of 8-10%.
- Fiscal 2021 core earnings per share growth in the range of 8-10%.
- Fiscal 2021 adjusted free cash flow productivity to be over 100%.
Challenges Ahead
- Headwinds of approximately $150 million after-tax from foreign exchange impacts.
- More than $200 million after-tax from higher freight costs.
- A headwind from commodity costs of approximately $125 million after-tax.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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