The Procter & Gamble Company (NYSE:PG) Q1 2024 Earnings Call Transcript October 18, 2023 8:30 AM ET

Company Participants

Andre Schulten - CFO

Conference Call Participants

Steve Powers - Deutsche Bank

Dara Mohsenian - Morgan Stanley

Rob Ottenstein - Evercore ISI

Lauren Lieberman - Barclays

Bryan Spillane - Bank of America

Andrea Teixeira - JPMorgan

Olivia Tong - Raymond James

Chris Carey - Wells Fargo Securities

Filippo Falorni - Citi

Peter Grom - UBS

Mark Astrachan - Stifel

Edward Lewis - Redburn Atlantic

Operator

Good morning, and welcome to Procter & Gamble's quarter-end conference call. Today's event is being recorded for replay. This discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q, and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

As required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations website www.pginvestor.com a full reconciliation of non-GAAP financial measures.

Now, I will turn the call over to P&G's Chief Financial Officer, Andre Schulten.

Andre Schulten

Good morning, everyone. Joining me on the call today is John Chevalier, Senior Vice President, Investor Relations. This fiscal year, Jon Moeller, Chairman, President and CEO, will join the mid-year and year-end calls and I'll be leading the Q1 and Q3 calls. Execution of our integrated strategy draws strong results in the July to September quarter. Broad-based organic sales growth across categories and regions, global aggregate market share growth, strong productivity savings enabling increased investment in superiority of our brands while also delivering very strong earnings growth. These strong first quarter results put us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales growth and core earnings per share, and continued strong cash productivity and cash return to share owners.

So moving to first quarter numbers, organic sales grew 7%. Pricing added 7 points to sales growth, and mixed contributed 1 point. Volume rounded down to a decline of 1 point with overall modest volume growth outside greater China. Top-line growth was broad-based across business units with each of our 10 product categories growing organic sales. Home care grew low teens, personal healthcare was up double digits, feminine care, oral care, fabric care, hair care and grooming, each grew high single digits. Baby care and family care were up mid-singles, skin and personal care grew low singles.