P&G on track in second quarter

Procter & Gamble said second-quarter results were in line with company expectations, and projected solid growth for the second half of the fiscal year.



Second-quarter net totaled $22.3 billion, unchanged from the year-ago period. Organic sales grew 3%.



Diluted net earnings per share were $1.18, a decrease of 15% versus a base period that included a 21 cents per share holding gain resulting from P&G’s purchase of the balance of its baby care and feminine care joint venture in Iberia.



“P&G’s second-quarter results came in as we expected,” said chairman, president and CEO A.G. Lafley. “We’re on-track to deliver our objectives of 3% to 4% organic sales growth and 5% to 7% core EPS growth for the fiscal year. We expect strong earnings growth in the second half of the fiscal year driven by solid top-line growth, moderating headwinds from foreign exchange, and productivity savings that build throughout the year.”



In beauty, organic sales were unchanged. Gains from market growth and innovation in prestige, hair care, deodorants and personal cleansing were offset by geographic and product mix and a decrease in skin care sales, P&G stated.



In grooming, organic sales increased 3% as higher pricing and innovation on blades and razors and appliances were partially offset by market contraction in developed regions and geographic and product mix, the company noted.