The Procter & Gamble Company reported unaudited consolidated financial results for the second quarter and six months ended Jan. 31, 2018. For the quarter, net sales were $17,395,000 against $16,856,000 for the same period of last year. Operating income was $4,003,000 against $3,875,000 for the same period of last year. Earnings from continuing operations before income taxes was $4,033,000 against $3,256,000 for the same period of last year. Net earnings from continuing operations was $2,561,000 against $2,561,000 for the same period of last year. Net earnings attributable to the company was $2,495,000 against $7,875,000 for the same period of last year. Earnings from continuing operations per diluted share was $0.93 against $0.93 for the same period of last year. Diluted net earnings per common share was $0.93 against $2.88 for the same period of last year.

For the six months, Net Sales were $34,048,000 against $33,374,000 for the same period of last year. Operating income was $7,738,000 against $7,646,000 for the same period of last year. Earnings from continuing operations before income taxes was $7,784,000 against $6,994,000 for the same period of last year. Net earnings from continuing operations was $5,431,000 against $5,436,000 for the same period of last year. Net earnings attributable to the company was $5,348,000 against $10,589,000 for the same period of last year. Earnings from continuing operations per diluted share was $2.00 against $1.93 for the same period of last year. Diluted net earnings per common share was $2.00 against $3.81 for the same period of last year. Total operating activities was $7,315,000 against $6,025,000 for the same period of last year. Capital expenditures were $1,900,000 against $1,429,000 for the same period of last year. Organic sales increased 2%. Diluted net earnings per share declined 68% versus the prior year due to the Beauty Brands divestiture gain in the base period and a current period net income tax charge related to the recently enacted U.S. Tax Cuts and Jobs Act. Core earnings per share increased 10% to $1.19, including a $0.05 per share benefit from the Tax Act. Adjusted free cash flow productivity was 91%.

The company said it is maintaining its guidance for organic sales growth in the range of 2%-3% for fiscal 2018. The company estimates all-in sales growth of about 3% for fiscal 2018, which includes a neutral to half-a-percentage-point benefit to sales growth from the combined impacts of acquisitions and divestitures and foreign exchange. The company said it is raising its core earnings per share growth outlook from 5%-7% to 5%-8% versus fiscal 2017 Core EPS of $3.92. It is raising the upper-end of the guidance range to reflect the potential benefit from the Tax Act. GAAP earnings per share are expected to decrease 30% to 32% versus fiscal year 2017 GAAP EPS of $5.59, which included the significant benefit from the Beauty Brands transaction that was completed in October 2016. The fiscal 2018 GAAP EPS estimate includes approximately $0.10 per share of non-core restructuring costs and $0.24 per share of non-core charges related to the Tax Act.