The Procter & Gamble Company (NYSE: PG)reported third quarter fiscal year 2018 net sales of $16.3 billion. Organic sales increased one percent. Diluted net earnings per share were $0.95, an increase of two percent versus the prior year while Core earnings per share increased four percent to $1.00.
Operating cash flow was $3.4 billion for the quarter. Adjusted free cash flow productivity was 95%. The Company returned $3.2 billion of cash to shareholders through $1.8 billion of dividend payments and $1.4 billion of common stock repurchase. Earlier this month, P&G announced a 4 percent increase in its quarterly dividend, marking the 62nd consecutive year the Company has increased its dividend. P&G has been paying a dividend for 128 consecutive years, since its incorporation in 1890.
“We delivered modest top- and bottom-line growth in a challenging macro environment in the third quarter,” said David Taylor, Chairman, President and Chief Executive Officer. “We have large businesses in several difficult markets. The ecosystems in which we operate around the world are being disrupted and transformed. We will change at an even faster rate -- winning through superiority, cost and cash productivity and a strengthened organization and culture.”
The Company is raising its fiscal year 2018 guidance for Core EPS growth from a range of five to eight percent to a range of six to eight percent versus fiscal 2017 Core EPS of $3.92.