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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

ent for the quarter to $21.3 billion and nine percent for the fiscal year to $83.5 billion. Organic sales, which exclude the impacts of acquisitions, divestitures and foreign exchange, were up five percent for both the quarter and the fiscal year. Net sales in developing regions continued to grow double-digits.

-- Net earnings were up 33 percent for the quarter to $3.0 billion and 17 percent for the fiscal year to $12.1 billion.

-- Diluted net earnings per share increased 37 percent for the quarter and 20 percent for the fiscal year to $0.92 and $3.64, respectively. Net tax benefits, attributed to a number of significant adjustments to tax reserves in the U.S. and other countries, added $0.12 to the quarter and $0.14 to the fiscal year. Excluding these tax adjustments, adjusted net earnings per share was $0.80 for the quarter and $3.50 for the fiscal year.

-- The fiscal year represents the successful integration of Gillette. Cost synergies exceeded $1.2 billion and revenue synergies from distribution gains and new product launches are on-track. The elimination of prior year Gillette dilution effects contributed an estimated $0.10 - $0.12 to EPS growth for the fiscal year.

-- Operating margin improved 50-basis points for the quarter and 30-basis points for the fiscal year as a reduction in overhead spending as a percent of net sales more than offset a decline in gross margin.

-- For the fiscal year, operating cash flow was $15.8 billion and free cash flow was $12.8 billion. Free cash flow productivity was 106% of net earnings, well above P&G's annual target of 90%. Capital spending was 3.6% of net sales, well below the company's 4.0% annual target.

April - June Quarter Discussion

Net sales for the quarter increased 10 percent to $21.3 billion. Organic volume, which excludes a negative one percent impact from the Western European tissue divestiture, increased four percent. Price increases added three percent to net sale
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SOURCE The Procter & Gamble Company
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