On May 1, Procter & Gamble
- Revenues increased 8%, led by higher volume growth across key brands. Growth was stronger on the bottom line, as P&G realized synergies from the Gillette acquisition.
- The company repurchased $1.3 billion of stock during the quarter, bringing share repurchases to $4.1 billion for the year.
- For the fiscal year, the company expects sales to grow by 6%-7%.
- P&G carries a coveted five-star rating in Motley Fool CAPS. Consumer products giants Kimberly-Clark
(NYSE:KMB) and Clorox(NYSE:CLX) hold two-star and three-star ratings, respectively.
(Figures in millions, except per-share data.)
Income Statement Highlights
|
Q3 2007 |
Q3 2006 |
Change |
|
|---|---|---|---|
|
Sales |
$18,694 |
$17,250 |
8.4% |
|
Net Profit |
$2,512 |
$2,211 |
13.6% |
|
EPS |
$0.74 |
$0.63 |
17.5% |
|
Diluted Shares |
3,397.3 |
3,510.5 |
(3.2%) |
Get back to basics with the income statement.
Margin Checkup
|
Q3 2007 |
Q3 2006 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
51.6% |
51.7% |
(0.1) |
|
Operating Margin |
19.5% |
19.4% |
0.1 |
|
Net Margin |
13.4% |
12.8% |
0.6 |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q3 2007 |
Q3 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$4,230 |
$10,199 |
(58.5%) |
|
Accounts Rec. |
$6,757 |
$5,404 |
25.0% |
|
Inventory |
$7,091 |
$6,732 |
5.3% |
|
Liabilities |
Q3 2007 |
Q3 2006 |
Change |
|---|---|---|---|
|
Accounts Payable |
$4,371 |
$4,063 |
7.6% |
|
Long-Term Debt |
$21,257 |
$33,916 |
(37.3%) |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
YTD 2007 |
YTD 2006 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$9,853 |
$8,185 |
20.4% |
|
Capital Expenditures |
$1,996 |
$1,666 |
19.8% |
|
Free Cash Flow |
$7,857 |
$6,519 |
20.5% |
Free cash flow is a Fool's best friend.
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