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P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, Behind Balanced 5% Organic Sales and Volume Growth
Date:8/5/2008
to three percent to organic sales growth. In addition, foreign exchange is forecast to add approximately two to three percent, and the net impact of acquisitions and divestitures is estimated to reduce sales growth by one to two percent. Total sales are expected to increase five to seven percent.
P&G said it expects gross margin for fiscal year 2009 to decline 75 to 125-basis points. Commodity and energy costs are estimated to be up $3 billion versus fiscal year 2008. Price increases are being implemented at levels sufficient to offset the dollar value of higher commodity and energy costs and maintain profit, but not at levels necessary to maintain gross or operating margins. As a result, the combined impact of pricing and commodity cost is expected to reduce gross margins by about 180-basis points, which is included in the guidance range above. This impact will be partially offset by ongoing cost savings projects and fixed cost leverage on higher volume.
P&G expects SG&A expenses to decrease 75 to 125-basis points with benefits from productivity efforts more than offsetting approximately 50-basis points of incremental restructuring charges related to the Folgers transaction.
The company expects operating margins to be flat versus the previous year. The tax rate is expected to be between 27% and 28% for the fiscal year.
P&G said it expects fiscal year 2009 GAAP EPS of $4.18 to $4.25. This range includes the estimated $0.50 gain from the Folgers sale and the $0.12 investment in incremental restructuring, described above. Excluding these items, P&G expects Fiscal 2009 adjusted EPS of $3.80 to $3.87 per share, which includes $0.04 of Folgers dilution.
July - September 2008 Quarter Guidance
For the July - September quarter, the company expects organic sales to
increase four to six percent. Organic volume is expected to grow two to
three percent and the combination of pricing and product mix is expected to
add two to three perce
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| SOURCE The Procter & Gamble Company Copyright©2008 PR Newswire. All rights reserved |
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