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Procter & Gamble (NYSE: PG ) reported its fiscal first-quarter results this morning, with the consumer-products giant reporting an 8% gain in diluted net earnings per share on a 2% overall rise in revenue. But results were hit by sharp negative currency impacts from the strong dollar, which pulled down core earnings-per-share by $0.09 and wiped out what would have been an 8% increase on a currency-neutral basis.
Organic sales and volume rose by 4%, with two of Procter & Gamble's business segments providing the strongest results. In its Fabric Care and Home Care segment, 6% growth came from each product category, with new distribution for its Duracell batteries contributing to overall success. The Baby, Feminine, and Family Care saw similar 6% growth, with P&G citing new product releases in North America and stronger baby-care growth in emerging markets.
CEO A.G. Lafley characterized P&G's results as "consistent with our plans and expectations, putting us on track to deliver our goals for the fiscal year." He cited market-share gains, coming new product launches, and cost-cutting measures as part of P&G's overall positive momentum.
Yet Procter & Gamble merely reiterated its past guidance for the full fiscal 2014 year, disappointing investors who'd hoped for a rosier view of the consumer giant's future. It sees foreign-currency impacts of about 2% continuing to offset organic sales growth of 3% to 4%, and core earnings-per-share growth of 5% to 7% for the fiscal year. As of 8 a.m. EDT, Procter & Gamble shares were higher by 0.1% in pre-market trading.
P&G will have a conference call at 8:30 a.m. EDT to discuss the results in further detail. For more information, visit the Procter & Gamble investor relations webcast site.