Despite Tepid Sales, Wide-Moat P&G Amps Up Its Efficiency Focus; Shares a Touch Undervalued
Intense competition and slowing global growth took a toll on wide-moat Procter & Gamble’s third-quarter results, which included a 1% increase in organic sales (a sequential slowdown from the 2% chalked up in the second quarter, entirely due to higher volumes), a 40-basis-point erosion in adjusted gross margins to 50.5%, and a 10-basis-point degradation in adjusted operating margins to 22.1%. Even in the face of these tepid results, management’s rhetoric suggests it is not merely focused on b...Procter & Gamble provides consumer packaged goods. The company's products are sold primarily through mass merchandisers, e-commerce, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, baby stores, beauty stores, other stores and pharmacies. The company has five reportable segments: Beauty, which includes hair care, and skin and personal care products; Grooming, which includes shave care products; Health Care, which includes oral care and personal health care products; Fabric and Home Care, which includes fabric care and home care products; and Baby, Feminine and Family Care, which includes baby care, feminine care and family care products.
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