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Procter & Gamble (PG) Second-Quarter FY2016 Earnings Review: Beats on EPS, Guidance Unchanged

Executive Summary

  • Procter & Gamble (P&G) reported fiscal-second-quarter 2016 net sales of $16.9 billion, down 9% year over year and in line with consensus estimates. The revenue decline was driven by currency, which more than offset organic growth.
  • The company reported core EPSof $1.04 for the quarter, up 9% year over year, beating the consensus estimate of $0.98.
  • P&G maintained its fiscal 2016 guidance for an all-in sales decline in the high-single digits and a decline in core EPS of 3%–8%.

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