The Procter & Gamble Company (NYSE:PG) Q2 2024 Earnings Conference Call January 23, 2024 8:30 AM ET
Company Participants
Andre Schulten - CFO
Jon Moeller - Chairman of the Board, President and CEO
Jon Chevalier - SVP, IR
Conference Call Participants
Dara Mohsenian - Morgan Stanley
Bryan Spillane - Bank of America
Lauren Lieberman - Barclays
Rob Ottenstein - Evercore ISI
Steve Powers - Deutsche Bank
Filippo Falorni - Citi
Chris Carey - Wells Fargo Securities
Andrea Teixeira - JPMorgan
Peter Grom - UBS
Jason English - Goldman Sachs
Callum Elliott - Bernstein
Olivia Tong - Raymond James
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 are Jon Moeller, Chairman of the Board, President and Chief Executive Officer, and Jon Chevalier, Senior Vice-President, Investor Relations.
I'll start with an overview of results for the October to December quarter, Jon will add perspective on our recent results and strategic focus areas and capabilities. We'll close with guidance for fiscal '24, and then take your questions.
October to December, was another strong quarter. Execution of our integrated strategy drove solid sales and market-share results and another quarter of strong margin progress, delivering strong earnings and cash results for the quarter. The strong results we've delivered in the first half of fiscal '24, enable us to raise our outlook for core earnings per share and keep us on track to deliver within our fiscal year guidance ranges for organic sales growth, cash productivity and cash return to shareowners.
We continue to see the upper range on organic sales and core EPS as likely outcome for fiscal '23 - '24. So, moving to second quarter numbers, organic sales grew 4%, volume rounded down to a decline of one point as continued volume acceleration in North America and Europe focused markets was offset by softer shipments in Greater China, Eastern Europe and Middle East, Africa regions due to local issues in select markets.