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P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations
Date:1/30/2009

CINCINNATI, Jan. 30, 2009 /PRNewswire-FirstCall/ -- The Procter & Gamble Company (NYSE: PG) announced diluted net earnings per share of $1.58, a 61 percent increase for the October - December quarter. Earnings per share include a $0.63 gain from the Folgers transaction completed during the quarter. Consistent with the Company's guidance for the quarter, organic sales were up two percent on price increases and positive product mix. Net sales were three percent below the year-ago quarter at $20.4 billion primarily due to unfavorable foreign exchange and lower volume.

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"As expected, this was a particularly challenging quarter," said Chairman of the Board and Chief Executive Officer A.G. Lafley. "Despite this, we grew organic sales two percent and delivered against our going in EPS guidance. We expect the environment will remain difficult and highly volatile - at least in the near term. We are focused on the fundamentals that are critical to success in our business. We will continue to build brands that deliver better value for consumers by leading innovation and managing cost and productivity programs with discipline. Our efforts in these areas give me confidence that P&G will continue to grow profitably and generate attractive returns for shareholders over the long-term."

Executive Summary

-- Diluted net earnings per share increased 61 percent to $1.58 for the quarter. Net earnings were up 53 percent to $5.0 billion due to the gain from the Folgers transaction.

-- Net sales declined three percent to $20.4 billion for the quarter driven by unfavorable foreign exchange and lower shipment volume. Organic sale
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SOURCE The Procter & Gamble Company
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