Procter & Gambl Share Price (0NOF)

Positive Points: A programme to increase growth and productivity continues to be pursued. Last year, the company announced a 40/20/10 strategy to focus on its top 40 countries and brand categories that generate the most sales and profit, the top 20 innovations with the most growth potential and the company’s top 10 developing markets. The company increased its outlook for share repurchase to $5 billion - $6 billion, up from its earlier $4 billion - $6 billion range. P&G has implemented a $10 billion cost-cutting plan, which includes reducing headcount by 5,700 by the end of the current financial year. Procter & Gamble is a worldwide manufacturer and marketer of consumer products. The company participates in more than 40 product categories, with 300 brands sold in over 180 countries and therefore enjoys considerable diversification and geographical location. In April 2012, Procter & Gamble increased its dividend for the 56th consecutive year, making Procter & Gamble one of only six U.S. companies with this track record of dividend increases. Procter & Gamble has paid a dividend for 122 consecutive years.

Negative Points: P&G has been under pressure to improve its performance. The situation has been compounded since activist investor William Ackman, a hedge fund manager who bought a stake in the company of about 1% (valued at around $2 billion). Ackman is understood to be critical of senior management. Higher commodity costs (raw materials) remain a pressure on group profit margins. Unfavorable foreign exchange movements continue to impact. Competition across the consumer goods sector remains intense. A deterioration in the group's innovation pipeline could impact growth prospects.

Financial Highlights: The consumer products maker reported profits of $4.06 billion, up from $1.69 billion in the same quarter a year earlier. Revenue increased 2% to $22.18 billion in the period. Operating cash flow was $3.8 billion for the quarter. The Company repurchased $1.4 billion of shares during the quarter and returned $1.6 billion of cash to shareholders as dividends.

Second quarter results: Founded in 1837, Cincinnati headquartered Procter & Gamble unveiled a surge in profits to $4.06 billion, up from $1.69 billion a year earlier. The Company said it delivered broad-based organic sales growth, with all business segments increasing organic sales by 2% or more when compared with the same quarter a year ago. "Our second quarter results were at the high end of our expectations on the top-line and well ahead of forecast on operating profit, earnings per share and cash flow," said Chairman, President, and Chief Executive Officer, Bob McDonald. The company revised up its organic sales growth forecast to a range of 3% to 4% for the fiscal year from a previous range of 2% to 4%

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