The Procter & Gamble Company, while presenting at an institutional investor conference in New York City on May 28, outlined investment plans to accelerate innovation, reach more consumers in emerging markets and continue its simplification and productivity efforts—all aimed at driving profitable long-term growth. The company also provided its initial outlook for sales and earnings per share for the upcoming 2010 fiscal year.
"I remain confident in P&G and its long-term growth prospects," said A.G. Lafley, chairman of the board and CEO, P&G. "We made the right choices over the last year to deal with the global economic crisis, and I am confident we are making the right choices as we plan for next year."
Jon Moeller, CFO, added, "Fiscal 2010 will be a year of strong investment. We want to position the company strategically and competitively to be even stronger coming out of this global recession."
P&G stated it expects fiscal 2010 organic sales growth of 1–3%, driven primarily by market share growth. P&G said that it expects global markets for its business and geographic portfolio to be flat to up only modestly on a value basis versus fiscal year 2009. The company expects net sales in the range of +1% to -2% versus fiscal 2009, which includes a negative foreign exchange impact of 2–3%.
The company said it expects earnings per share of $3.65 to $3.80 for fiscal 2010. This range represents EPS growth of 0–4% compared to the mid-point of the company's fiscal year 2009 core EPS guidance range of approximately $3.65.
See the company's reconciliation statement for more details.
