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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

s. Favorable foreign exchange contributed six percent to sales growth. Disproportionate growth in developing regions and product mix shifts drove a negative two percent mix impact. Organic sales increased five percent. Several new initiatives were launched during the quarter including Pantene Beautiful Lengths, Gillette Hair Care, Pampers UnderJams, Oral-B CrossAction Pro-Health, Actonel Once-a-Month and Olay Regenerist 14 Day Skin Intervention and Definity Color Recapture Moisturizer.

Net earnings increased 33 percent to $3.0 billion behind strong sales growth, improved operating margin and a lower tax rate. Operating margin increased 50-basis points as overhead productivity improvements more than offset a decline in gross margin. Diluted net earnings per share increased 37 percent for the quarter to $0.92.

Gross margin declined by 160-basis points to 49.2% during the quarter. Higher commodity and energy costs reduced gross margin by about 300-basis points. About half was offset by pricing, cost savings projects and scale leverage from volume growth.

Selling, general and administrative expenses (SG&A) were down 210-basis points for the quarter to 31.1% of net sales primarily due to volume scale leverage, Gillette-related cost synergies and overhead productivity improvements.

Operating cash flow was up 14% to $4.1 billion for the quarter behind strong earnings growth and an increase in accounts payable. Inventory was up primarily due to higher material costs. Free cash flow, defined as operating cash flow less capital expenditures, was $2.9 billion during the quarter and 96% of net earnings. Capital expenditures were 5.6% of net sales during the quarter, bringing the fiscal year level to 3.6% of net sales.

The company repurchased $2.0 billion of P&G stock during the quarter as part of the company's previously announced three-year $24 - $30 billion share repurchase program. The company has repurchased $10 billion of P&G stock since
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SOURCE The Procter & Gamble Company
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