P&G Q4 Profit Falls - Quick Facts

(RTTNews) - Procter & Gamble Co. (PG) reported that its fourth-quarter of fiscal 2015 net earnings attributable to the company fell to $521 million from $2.579 billion in the same quarter last year. Net earnings per share dropped to $0.18 from $0.89 last year. The latest-quarter result included the one-time Venezuela charge of $0.71 per share and non-core restructuring costs of $0.07 per share.

Quarterly core earnings per share were $1.00, an increase of eight percent versus the prior year period. Core earnings per share results included a $0.09 per share benefit versus the prior year from non-operating income, primarily minor brand divestiture gains. Analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Excluding the impact of foreign exchange, currency-neutral core earnings per share increased 22%.

Organic sales were unchanged for the quarter as a three percentage point benefit from pricing and mix was offset by lower shipment volume.

Net sales were $17.8 billion, a decrease of nine percent versus the prior year period driven by a negative nine percentage point impact from foreign exchange. Wall Street analysts had a consensus revenue estimate of $17.98 billion for the quarter.

P&G clarified that its guidance for fiscal year 2016 is relative to fiscal 2015 results after estimated restatements to report the earnings from the Beauty categories it plans to exit as discontinued operations. P&G announced the planned exit of several Beauty categories on July 9, 2015. P&G said it expects fiscal year 2015 core earnings per share, which is based on earnings from continuing operations, to be restated from the $4.02 level reported above to approximately $3.77 per share.

For fiscal year 2016, it projects organic sales to be in-line to up low-single digits versus fiscal 2015. Foreign exchange is expected to be a four to five percentage point headwind on all-in sales growth. As a result, the Company expects all-in sales to be down low-to-mid single digits versus fiscal 2015 results.

For fiscal year 2016, the company expects core earnings per share to be slightly below to up mid-single digits versus fiscal 2015 restated core earnings per share of $3.77.

Including the impacts of non-core restructuring costs and discontinued operations, P&G said it expects all-in GAAP earnings per share to be up 53% to 63% versus fiscal year 2015 all-in GAAP earnings per share of $2.44.

Wall Street currently is looking for fiscal year 2016 earnings of $4.18 per share on annual revenues of $75.93 billion.