CINCINNATI — Procter & Gamble announced on Thursday that net sales for the fiscal year inched up 1% as net earnings per share from continuing operations rose 24%.
“The company met its objectives for the fourth quarter and fiscal year, and we will build on these results in fiscal 2014,” stated chairman, president and CEO A.G. Lafley. “With an overriding focus on value creation, we will strengthen and accelerate productivity plans. We will continue to make choiceful investments in core brands, our biggest innovation opportunities, and in our core developed and most promising developing markets. In all we do, we will stay focused on winning with consumers, customers and shareholders.”
Net sales for fiscal 2013 totaled $84.2 billion, up 1% including a negative two-point impact from foreign exchange. Organic rose 3% during the year.
Diluted net earnings per share from continuing operations were $3.86, up 24% compared with the prior year.
For the fourth quarter, sales rose 2% to $20.7 billion, and organic sales grew 4%. Diluted net earnings per share from continuing operations totaled 64 cents per share, a decrease of 14%.
For fiscal 2014, the company expects core earnings per share to grow between 5% and 7%, equal to fiscal 2013 growth at the low end of the range and within the company’s long-term, annual growth objectives at the high end of the range. Reported earnings per share are expected to grow between 7% and 9%. Organic sales are expected to grow 3% to 4%.