7:05 am Procter & Gamble beats by $0.05, reports revs in-line; guides FY16 ex-Beauty business (PG) :
•Reports Q4 (Jun) earnings of $1.00 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.95; revenues fell 9.2% year/year to $17.79 bln vs the $17.95 bln consensus. Organic sales were unchanged for the quarter as a three percentage point benefit from pricing and mix was offset by lower shipment volume.
•P&G said it is projecting organic sales to be in-line to up low-single digits versus fiscal 2015. Foreign exchange is expected to be a four to five percentage point headwind on all-in sales growth. As a result, the Company expects all-in sales to be down low-to-mid single digits versus fiscal 2015 results.
•The Company said it expects core earnings per share to be slightly below to up mid-single digits versus fiscal 2015 restated core EPS of $3.77. Strong operating profit growth is expected to be largely offset by a six to seven percentage point core EPS growth headwind from lower non-operating income and a higher core effective tax rate. P&G noted that foreign exchange is estimated to be a three to four percent negative impact on core EPS growth, with the vast majority of this impact affecting the first-half of fiscal 2016.
