Procter & Gamble Co. reported consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported net earnings were $1,713 million and net earnings attributable to the company was $1,690 million or $0.59 per basic share and $0.57 per diluted share on net sales of $22,135 million against net earnings were $3,362 million and net earnings attributable to the company was $3,333 million or $1.17 per basic share and $1.11 per diluted share on net sales of $21,347 million a year ago. Operating income was $2,739 million compared to $4,260 million a year ago. Earnings before income taxes were $2,708 million compared to $4,090 million a year ago. Sales growth was driven by higher volume and pricing actions, partially offset by geographic and product mix. For the six months, the company reported net earnings were $4,770 million and net earnings attributable to the company was $4,714 million or $1.67 per basic share and $1.60 per diluted share on net sales of $44,052 million against net earnings were $6,482 million and net earnings attributable to the company was $6,414 million or $2.24 per basic share and $2.13 per diluted share on net sales of $41,469 million a year ago. Operating income was $7,073 million compared to $8,761 million a year ago. Earnings before income taxes were $6,836 million compared to $8,411 million a year ago. Total operating activities was $5,495 million compared to $5,376 million a year ago. Capital expenditures were $1,780 million compared to $1,256 million a year ago. The company announced goodwill & indefinite lived intangible impairment charges were $1,554 million. For the January - March quarter, net sales growth is estimated to be in line with year ago to up 2%. Diluted net earnings per share are expected to be in the range of $0.81 to $0.87, with Core EPS in the range of $0.91 to $0.97, down 5% to up 1% versus a base period Core EPS of $0.96. Third quarter net earnings will continue to be negatively affected by higher commodity costs versus prior year levels. In addition, the company noted that it expects the effective tax rate will be significantly higher than in the comparison period, which will reduce Core EPS growth by approximately 7%. The company provided additional perspective on the improved results expected in the second half of 2012. The company announced it expects net sales growth to be in-line with year ago to up 2%. The company added that it expects sequential improvement in core operating profit in the third and fourth quarters as the benefits from pricing increase and commodity cost comparisons continue to ease. The company announced it expects double-digit growth in core operating profit for the second-half of the fiscal year. Core earnings per share growth rates will be driven by the strong operating profit growth, but will be partially offset by a significant increase in the effective tax rate. The company's new guidance translates to 4% to 9% core EPS growth in the second half of the fiscal year, which includes an approximate six percentage point negative impact on core EPS growth from the higher tax rate. Net sales are expected to increase 3% to 4% in fiscal 2012. Diluted net earnings per share is expected to be in the range of $3.85 to $4.08 and Core EPS in the range of $4.00 to $4.10, up 1% to 4% versus a base period Core EPS of $3.95. The company's prior guidance range for Core EPS was $4.15 to $4.33. The change in the Core EPS range is primarily due to foreign exchange, which has negatively impacted earnings per share by $0.15 to $0.18 since the estimates established at the beginning of the fiscal year.