Procter & Gamble (PG) reported earnings on Fri 29 July 22 (b/o)

• Procter & Gamble, which makes Tide detergent, Pampers diapers and Crest toothpaste, reported fiscal fourth-quarter earnings of $1.21 a share, missing analysts’ estimates by 1 cent, and issued a fiscal-year forecast that also missed expectations.

 ** charts after earnings **

Procter & Gamble misses by $0.02, reports revs in-line; guides FY23 midpoint below consensus, revs mostly below consensus

• Reports Q4 (Jun) earnings of $1.21 per share, $0.02 worse than the S&P Capital IQ Consensus of $1.23; revenues rose 3.0% year/year to $19.52 bln vs the $19.41 bln S&P Capital IQ Consensus.
  • Beauty segment organic sales were unchanged versus year ago.
  • Grooming segment organic sales increased three percent versus year ago.
  • Health Care segment organic sales increased nine percent for the quarter.
  • Fabric and Home Care segment organic sales increased nine percent for the quarter.
  • Baby, Feminine and Family Care segment organic sales increased seven percent versus year ago.
  • Gross margin for the quarter decreased 370 basis points versus year ago, 330 basis points on a currency-neutral basis.
  • Operating margin for the quarter decreased 30 basis points versus the prior year and increased 20 basis points on a currency-neutral basis. 
• Co issues in-line guidance for FY23, sees EPS in-line to up 4% from FY22, which translates to $5.81-6.04 vs. $6.01 S&P Capital IQ Consensus; sees FY23 revs growth in-line to up 2%, which translates to $80.2-81.8 bln vs. $81.86 bln S&P Capital IQ Consensus.
  • The combined impact of commodities, freight and foreign exchange is approximately a $1.33 per share headwind to fiscal year 2023 EPS, or a 23 percentage point headwind to EPS growth. P&G added that it expects these costs and currency headwinds will be most pronounced in the first half of its fiscal year.

Earnings this week : July 25 - 29, 22 (wk 30)

Monday (Jul 25)

• Morning:  BOH CBU DORM LKFN NEM PHG RPM SBSI SQSP
• Afternoon: AGNC ARE ACC NTB BDN BRO CADE CDNS CALX CATY CLS CR WIRE FFIV HSTM HTLF HXL IBTX KALU LBRT LOGI MEDP NXPI PKG PCH RRC RNR SSD TBI UHS WHR WSFS

Tuesday (Jul 26)

• Morning: MMM ACI ADM ARCC AWI AVNT CNC KO CVLT GLW CTS ECL FISV FELE GE GM GPK HUBB IRDM KMB MCD MCO MSCI NEOG NVR ONB PCAR PNR PGTI PII PHM RTX ST SSTK TRU UBS UPS WSO XRX
• Afternoon:  AGYS GOOG AMP ABCB ASH AGR AXTA AXS BXP BYD CNI CHX CMG CB CSGP EGP ENPH EQR ESS FCF FIBK FE FCPT HA HIW HPP IEX JNPR LXFR MANH MTDR MSFT MDLZ NAVI NXGN NEX PGRE PEB RNST ROIC SILK SKX SYK TENB TER TXN AAN TNET TRMK UDR UMBF V WSBC WH ZION

Wednesday (Jul 27)

• Morning:  ALKS AEP APH ADP AVY BXMT BA BOKF BSX BMY BG CCJ CAMT GIB CHEF CME CSTM DRVN EVR EXTR FSS GRMN GD GPC GPI HES HLT HUM IART IVZ KHC LW MNRO COOP NYCB NSC ODFL OPCH OTIS OC PAG PDS PRG PB ROK RCI ROL RES R SAIA SHW SHOP SLGN SLAB SPOT SHOO STRA TMUS TMHC TEL TECK TDY TPX TEVA TRN TPB UMC VBTX WNC WM
• Afternoon:  EGHT ACHC AEM AGI ALGN AMED AWK NLY AM AR ACGL ASGN AVB BOOT CHRW CSL CG CCS CAKE CHE CHDN CINF CTSH COLM FIX CYH CNMD CLB COUR DRE ESI EQT EQIX ETSY EEFT RE FLEX FLS F FORM FTAI FBHS FWRD GFL GL GSHD GGG HP HOLX ICLR PI INVH JBT KRC KGC LRCX LC MXL MMSI MTH CASH META MEOH MAA MKSI MC MOH MSA MUSA MYRG NCR NTGR NDLS NWE NOV ORLY OII OIS OMF PEGA PDM PPC PLXS PTC QGEN QCOM QS RJF SLM NOW SIMO SNBR SPSC SSNC STAG STC FTI TDOC TROX TYL URI UPWK VICI

Thursday (Jul 28)

• Morning: AOS AGCO ALLE ALGM ALNY AIMC MO AMT BUD HOUS MT ARCH ARES ABG BAX BFH BC CP CRS CARR CBZ CMS CNX CMCO CMCSA CFR DTE EXP EME EXLS FAF FCFS FTS FTV BEN FCN GEL HEES HOG HAYW HSY HTZ HNI HON INMD IP ITGR JHG KDP KIM KEX LH LAZ TREE LII LECO LIN LKQ MAC MTSI MMP HZO MLM MAS MA MDC MRK NOC NVCR OSTK PATK PBF BTU PFE PCG PBI BPOP POR PACK RS RCL SNY SNDR STNG SIRI SITC SAH SO LUV SWK STLA STM TROW TRP TFX TXT SHYF TMO TLRY TKR TNL TRS TRTN VLO VLY VIRT VSTO VC WST WEX WTW WING XEL
• Afternoon:  TWOU AMZN AAPL ATR AJG AVTR BZH BIO CPT CWST CE CC COHU CLR OFC CUZ DECK DXCM DLR DRQ EMN EIX EW EIG ENVA ES EXPO FHI FSLR FIVN ULCC GLPI HIG HTGC HURN IMAX INFN INTC KNSL KLAC LMAT LTC MGRC MERC MTD MTX MITK MHK NATI OLN PRO RGP ROKU SGEN SHLX SKYW SSB TXRH X UCTT VFC VRSN WRE AUY YUMC ZEN

Friday (Jul 29)  

• Morning:  ABBV AB AON ARCB AZN B BLMN BAH CBOE GTLS CHTR CVX CHD CNHI CL ECVT ENB XOM FHB GWW IMGN IMO LYB MGA MOG.A NWL NMRK NVT PSX PIPR PG PFS SLCA WPC WY WETF

-=Procter & Gamble (PG) reported earnings on Tue 30 July 19 (b/o)

• Fri 7/26 : #44; vol. 5.5M

Procter & Gamble beats by $0.05, beats on revs; guides FY20 in-line 

Reports Q4 (Jun) earnings of $1.10 per share, excluding non-recurring items, $0.05 better thanthe S&P Capital IQ Consensus of $1.05; revenues rose 3.6% year/year to $17.09 bln vs the $16.86 bln S&P Capital IQ Consensus.

Fiscal Year 2020 Guidance: Expects fiscal year 2020 all-in sales growth in the range of three to four percent versus the prior fiscal year ($69.73-70.4 bln vs. $69.78 bln S&P Capital IQ Consensus). The estimate includes a modest negative impact from foreign exchange, which is largely offset by a positive net impact from acquisitions and divestitures. P&G expects organic sales growth in the range of three to four percent. Core earnings per share are expected to increase four to nine percent (mid-to-high single digits) versus fiscal 2019 Core EPS of $4.52 (~4.70-4.93, excluding non-recurring items, vs. $4.74 S&P Capital IQ Consensus) . P&G said its current outlook for commodities, foreign exchange, transportation and tariffs is expected to provide a modest net benefit to earnings growth in fiscal year 2020. P&G expects adjusted free cash flow productivity of 90% for the fiscal year. Capital spending is estimated to be in the range of 4.5% to 5% of net sales. P&G estimates it will pay more than $7.5 billion in dividends and repurchase $6 billion to $8 billion of common shares in fiscal 2020.

Earnings this week : July 29 - Aug 2, 19 (wk 31)

Monday (July 29)

• Morning: CTB ONDK SNY TSEM
• Afternoon: ACGL AKS AMH AMKR APPF APTS ARE AROC BRX BYND CGNX CHGG CVCO DISH EHC ELVT FRAC HLIT HTLF ILMN INST JBT JJSF LEG MDR MEDP NBIX NBR NGHC NOV NPO NTR NXPI OFC OGS OMF PCH PI PKI QTS RE RGA RIG RMBS RNG SANM SBAC SCI SSB SSD SSNC TACO TBI TEX TREX TRTX TXRH VNO VRNS WCN 

Tuesday (July 30)

• Morning:  AER AGCO AME AOS ARCC BEN BERY CEQP CIGI CMCO CMI CNX CNXM COP CVLT DHI DORM DSX ECL EME EQM ETN EXLS FDP FMS GEO GLT GLW GPN GRUB GTX HCA HUBB HUD HUN I INCY IPGP IR IRWD IT LDOS LGND LLY LPT MA MCRN MGLN MLM MMC MMYT MO MRK MYE NEO NRZ PAG PEG PG R RL SF SHOO SIRI SLCA SNE SQNS SR ST SXC TRS TX UAA VIVO VSH WAB WAT WCG WDR WYND XRX ZBRA
• Afternoon: AAPL ACHC ADSW AKAM ALL AMD AMGN APAM ARCB ASH ATEN ATRC AX AXS BEAT BLKB BXP BYD CACC CCS CDAY CHRW CINF CNO COHR CRY CSLT DENN DLR EA EGHT ENPH EQR EXP EXR FCPT FEYE FMC FTSI GILD GNW GRPN HA HR HUBG HURN HVT HY IMAX INVH IRWD KAI KBR KL LDL LNDC LSCC MC MDLZ MDU MGRC MKSI MOH MRCY MSTR MX MXIM NANO NATI NCR NR NUVA OKE PAYC PSA QGEN QUAD REXR RPAI RRD RTEC RXN SIMO SOI STAG SYKE SYX TCS TENB TRUP TTOO TWOU TX UDR UIS UMBF UNM VNOM VRSK WES WIRE YUMC ZEN

Wednesday (July 31)

• Morning: ACCO ADP AMCX AMRN AMT APO APTV ARES ASC BDC BG BHGE BLMN BTU CBZ CDW CG CHD CIM CLH CME CRL CRTO D DAN DIN EAF ECA EPD ETR EXTR FCAU FOE FSS GE GIB GLDD GRMN HEP HES HPP HSC HUM ICL JCI JHG KFRC LFUS LHX LIVN MCO MDC MGPI MTOR NI NLSN NYCB ORBC RDWR SAIA SBH SITE SMG SO SPG SPOT SPR SSYS STNG STRA TAP TGI TKR TMHC TNC TPB UTHR WLTW WNC
• Afternoon: ACAD AEGN AGI ALSN AM AMED APA AR ATR ATUS AVB AWK AYX BAND BLDP BOOT CAKE CASA CBL CCRN CF CHDN CHEF CMPR CNMD CONE CRUS CTSH CW CXO DRE DXCM EGOV EPR EQC EQIX ES ETH EVTC EXEL EZPW FICO FIT FIVN FLS FORM FOXF GDI GHL H HABT HCC HCP HI HOLX INN INOV IRTC KAMN KGC KTOS KW LADR LMNX LNC LPI LPSN LRCX LSI MAA MANT MASI MCK MEOH MET MOD MPWR MTDR MUSA MYRG NEXA NLS NLY OI OLN OR OXY PDM PGRE PK PPC PRAH PRU PS QCOM QLYS RBBN RDN RGR ROG RPT SIGI SKT SKY SKYW SLF SPWR SRI SWIR TDOC THG TIVO TRMB TRQ TS TSLX TTEK TTMI TWLO TYL UCTT VAC VAL VICI VNDA VRTX VVV WDC WELL WHD WLL WMB WRI WTI WTS ZNGA 

Thursday (Aug 1)

• Morning: AAON AAWW ABC ABMD ACOR ADM AGIO AKRX ALE AMCR ARW ASIX AVP BCE BCPC BLD BLL BPL BPMC BR BSIG CBRE CI CIR CLVS CLX CNHI CNQ CNSL CRAI CROX CRS CWT DD DEA DLPH DNKN EEX EIGI EXC GIL GLOG GM GNRC GPOR HBI HFC HGV HII HRI ICE IDA IDCC IDXX IGT INGR INSM IRM ITGR K KEM MAC MD MIXT MMP MPC MPLX MPW MSCI MT NMRK NNN NTCT NTLA NVT OSK PBF PBFX PBH PENN PGTI PH PRFT PWR RDS.A RFP RGEN ROLL RPD SABR SFM SHOP SNDR SPAR SPGI SRCL STAR STFC STOR SUM TFX TGP THS TNK TRI TRP TWI UFS VZ W WCC WEX WING WLH WMS WRK XEL XHR XYL YETI YUM ZEUS
• Afternoon: ANET APHA BZH WIFI CC CBPX DLB EBS EOG ETSY FSLR FLR FTNT GDDY GLUU GPRO TUSK PINS QRVO RDFN SQ SVMK OLED ZIXI

Friday (Aug 2) 

• Morning: ARNC XRAY CVX XOM RACE HRC NWL MGI QSR STX  

Notable earnings reports:

• NXP Semiconductors (NASDAQ:NXPI) and Beyond Meat (NASDAQ:BYND ) on July 29;
• Apple (NASDAQ:AAPL), Merck (NYSE:MRK), Pfizer (NYSE:PFE), Procter & Gamble (NYSE:PG), Altria (NYSE:MO), Electronic Arts (NASDAQ:EA), MasterCard (NYSE:MA), Mondelez International (NASDAQ:MDLZ), AMD (NASDAQ:AMD), FireEye (NASDAQ:FEYE ), ConocoPhillips (NYSE:COP) and Under Armour (UA, UAA) on July 30;
• General Electric (NYSE:GE ), Humana (NYSE:HUM), Qualcomm (NASDAQ:QCOM), Fitbit (NYSE:FIT), Spotify (NYSE:SPOT), Western Digital (NASDAQ:WDC) and Cirrus Logic (NASDAQ:CRUS ) on July 31;
• General Motors (NYSE:GM), U.S. Steel (NYSE:X), Kraft Heinz (NASDAQ:KHC), Shopify (NYSE:SHOP), Etsy (NASDAQ:ETSY), Wayfair (NYSE:W), Yum Brands (NYSE:YUM), Square (NYSE:SQ), GoPro (NASDAQ:GPRO) and Universal Display (NASDAQ:OLED) on August 1; 
• Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Newell Brands (NASDAQ:NWL) and Seagate Technology (NASDAQ:STX) on August 2.

=Procter & Gamble (PG) reported earnings on Fri 19 Oct 2018 (b/o)

Procter & Gamble beats by $0.03, beats on revs; reaffirms core FY19 EPS and revenue guidance 

• Reports Q1 (Sep) earnings of $1.12 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $1.09; revenues rose 0.2% year/year to $16.69 bln vs the $16.45 bln S&P Capital IQ Consensus. 
• Organic sales increased four percent driven by a three percent increase in shipment volume. Positive mix impact was a one percent help to organic sales due to the disproportionate organic growth of the Skin and Personal Care and Personal Health Care categories and strong growth in the United States. Pricing was neutral to the quarter.
• Co issues guidance for FY19, sees EPS +3-8% to ~$4.35-4.56, excluding non-recurring items, vs. $4.37 S&P Capital IQ Consensus; sees FY19 revs of flat to down 2% to ~$65.50-66.83 bln vs. $66.58 bln S&P Capital IQ Consensus. P&G said it is maintaining its guidance for organic sales growth in the range of two to three percent for fiscal 2019. On a currency-neutral basis, this guidance translates to Core EPS growth of eleven to sixteen percent.

Earnings this week : October 15 - 19, 2018 (wk 42)

Earnings confirmed to report this week

Monday (Oct 15)

• Morning: BAC  
• Afternoon: JBHT

Tuesday (Oct 16)

• Morning: BLK  CMA FHN DPZ GS  GWW JNJ MS OMC PGR PLD  UNH
• Afternoon:  ADTN CREE CSX FULT HCSG HOPE HWC IBKR IBM  LRCX LTXB MRTN NFLX  PNFP SONC TACO  UAL UFPI

Wednesday (Oct 17)

• Morning: ABT ASML BMI MTB MTG NTRS SVU UNF USB WGO
• Afternoon:  AA BDN BXS CATY CCI CCK CNS EGBN KALU KMI SLG STLD TBK TCBI UMPQ URI WTFC

Thursday (Oct 18)

• Morning:  ADS BBT BK BX DHR DOV ERIC EWBC GPC GTLS HOMB IIIN KEY LNN MDSO NUE NVR NVS PM POOL PPG SAP SASR SBNY SNA SON TRV TSM TTS TXT WBC WBS
• Afternoon: AXP CP CE ETFC EXPO ISRG PYPL SKX WDFC WERN 

Friday (Oct 18)

• Morning: CLF HON IPG KSU MAN MINI PG RCI VFC

Thur Oct 18 a/h

Procter & Gamble (PG) offloads $3.5 billion stake

Trian Fund Management LP disclosed a $3.5 billion (2.81 billion pounds) stake in Procter & Gamble Co on Tuesday, taking aim at the maker of Pampers diapers as it moves to boost sales and shed unprofitable brands.

Trian's stake is the activist investor's largest ever position in a company and comes at a time when P&G's efforts to slim down has struggled to boost its stock much beyond where it traded two years ago.

Moving to focus more on core products, including Tide detergent and Gillette razors, the company sold 41 of its brands last year, including Clairol and COVERGIRL, to Coty Inc for $12.5 billion.

But with a market value of $225 billion, Cincinnati's P&G remains an industry behemoth that Trian will likely want to shrink even further.

"(Trian) could argue that the brand sales ... did not go far enough to create a faster growing company," said CLSA analyst Caroline Levy, adding that P&G's beauty business could perform better as a standalone company. "Continued share losses in many categories, especially skin care, point to a need for faster change."

P&G Spokesman Damon Jones said Trian's filing was the first knowledge the company had of the investor's position.

"P&G welcomes investment in our company. We will continue to do what we always do," Jones told Reuters.

Trian's stake makes it the second activist in five years to target the company. Pershing Square Capital Management invested in P&G in 2012, calling for the ouster of its then CEO, Robert McDonald. McDonald was replaced a year later, and in May 2014, Pershing exited the position.

P&G's stock closed at $87.86 on Tuesday, a few dollars above where it traded this time two years ago.

BIG MOVE

Trian, founded in 2005 by Nelson Peltz, Ed Garden and Peter May, focuses mainly on consumer brand companies, industrial firms, and financial companies.

The New York-based firm is known for making large investments in a small amount of companies where it pushes for board representation and strategic moves that will increase revenues while reducing expenses.

Peltz, whose firm did not disclose a single new investment last year, hinted in December that Trian was building a new position. The tip set off wide speculation on where Trian was aiming - a guessing game among bankers and investors that was put to rest on Tuesday.

P&G's deadline for nominating directors to the company's board is June 13, according to its proxy. Should Trian pursue board representation, the two sides have four months to work out an agreement before the activist would need to launch its own director slate. But it is unclear what Trian's intentions are at the moment.

P&G usually holds its annual meeting in October.

The company reported better-than-expected quarterly sales last month, with its health care unit, which sells Oral-B and Vicks, being its best performing business. It warned that it would reduce overall sales growth in 2017 by 2 to 3 percentage points.

The health care and beauty business, which houses brands like Head & Shoulders and Olay, together accounted for about 30 percent of P&G's total sales.

===Procter & Gamble (PG) reported earnings on Fri 20 Jan 17 (b/o)

Procter & Gamble beats by $0.02, reports revs in-line; reaffirms FY17 EPS guidance, raises organic sales growth to +2-3% from +2%  :

• Reports Q2 (Dec) earnings of $1.08 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.06; revenues fell 0.3% year/year to $16.86 bln vs the $16.77 bln Capital IQ Consensus. 
• Organic sales increased two percent driven by a two percent increase in organic shipment volume. Pricing and mix had no net impact on sales for the quarter. All-in volume increased one percent including the impacts of minor brand divestitures and lost sales to Venezuelan subsidiaries. Organic sales and organic volume increased in all five business segments. Beauty organic sales +3%, Grooming +1%, Health Care +7%, Fabric & Home Care +1%, Baby, Feminine & Family Care +1%.
• Core gross margin improved 70 basis points, including 50 basis points of negative foreign exchange impacts; core operating profit margin flat Y/Y.
• Co reaffirms EPS guidance for FY17, sees mid single digit adj. EPS growth (from $3.67) vs. $3.85 Capital IQ Consensus; sees FY17 sales in-line with last year's $67.17 bln vs. $65.17 bln consensus. 
• P&G said it is raising its guidance for organic sales growth from ~two percent to a range of two to three percent for fiscal 2017. The Company now expects the combined headwinds of foreign exchange and minor brand divestitures to reduce sales growth by two to three percentage points. As a result, P&G estimates all-in sales to be in line with the prior fiscal year. 

Procter & Gamble (PG) reported earnings on Tue 25 Oct 16 (b/o)

** charts before earnings **

 

** charts after earnings **

 

Procter & Gamble beats by $0.05, reports revs in-line; reaffirms FY17 guidance :

• Reports Q1 (Sep) earnings of $1.03 per share, $0.05 better than the Capital IQ Consensus of $0.98; revenues fell 0.1% year/year to $16.52 bln vs the $16.48 bln Capital IQ Consensus. Organic sales increased three percent. Organic sales increased in all five business segments driven by low-to-mid single digit organic volume growth in all segments. Core operating profit margin increased 20 basis points as improvement in core gross margin was partially offset by an increase in core SG&A costs as a percent of net sales. Operating cash flow was $3.0 billion for the quarter. Free cash flow productivity was 85%. The Company repurchased $1 billion of common stock and returned $1.9 billion of cash to shareholders as dividends.
• Co reaffirms guidance for FY17, sees mid single digit EPS growth to ~$3.82-3.89 vs. $3.88 Capital IQ Consensus; sees FY17 revs +1% to ~$65.95 bln vs. $66 bln Capital IQ Consensus Estimate; organic sales +2%; the Company expects the combined headwinds of foreign exchange and minor brand divestitures to reduce sales growth by about one percentage point.