The Procter & Gamble Company (P&G) announced fourth-quarter and fiscal 2021 results, reporting fiscal 2021 net sales of $76.1 billion, an increase of seven percent compared to the previous year.
Excluding currency impacts, acquisitions and divestments, organic sales increased by six percent, driven by a three percent increase in organic volume, a two percent impact of the positive mix, and one percent of the price increase. Diluted net earnings per share were $5.50, an increase of 11% compared to the prior year, primarily due to the increase in net sales and an increase in operating margin. Basic earnings per share and currency-neutral basic earnings per share increased 11% compared to a year earlier to $5.66.
David Taylor, new President and Chief Executive Officer said, "We achieved another year of strong results with balanced revenue and earnings growth and strong cash generation, exceeding each of our ongoing targets. We built strong momentum before the pandemic and have further strengthened our position. As we look forward to fiscal 2022, we expect to continue to grow in revenue and results and deliver another year of strong cash returns for shareholders despite a challenging operating and cost environment."
The Company generated $18.4 billion of operating cash flow in fiscal 2021 with adjusted free cash flow productivity of 107%. The Company returned $19.3 billion of value to shareholders in fiscal 2021 through $8.3 billion in dividend payments and $11 billion in share buybacks.
Results for the April-June quarter
P&G reported net sales in the fourth quarter of fiscal 2021 of $18.9 billion, an increase of seven percent compared to the previous year. Excluding currency impacts, acquisitions and divestments, organic sales increased four percent. Diluted net earnings per share were $1.13, an increase of six percent compared to the prior-year reported EPS and a decrease of three percent compared to the prior-year basic earnings per share. Operating cash flow was $4.1 billion for the quarter. Free cash flow productivity was 117%.