Procter & Gamble, which makes dozens of household products ranging from Tide detergent to Crest toothpaste, today reported it made a record $866 million during the last fiscal year.
The $866 million net earnings for the fiscal year that ended June 30 was an 11 percent increase from the $777 million earned the previous year.
Earnings per share were $5.22, compared with $4.69 the previous year. Net sales were a record $12.4 billion, a 4 percent increase over $11.9 billion a year ago.
For the final quarter that ended June 30, net earnings were $181 million ($1.09), a 10 percent increase from $165 million (99 cents) the same period in 1982. Sales were $3 billion, compared with $2.9 billion a year ago.
"Good progress was made during the past year in both unit volume growth and earnings despite continuing economic recession in many countries and general weakening of foreign currencies in relation to the U.S. dollar," Procter & Gamble Chairman Owen Butler said.
A statement by Butler and P&G Chief Executive John Smale added, "It was gratifying to see unit volume growth in the United States and in our international business, despite depressed levels of economic activity in virtually all of the countries where we do business."
The company increased its research expenditures by 14 percent last year and will continue to invest in new product development and market research, Butler said.
"We are particularly encouraged by generally strong consumer acceptance of several new brands currently in test markets," he said. "If these positive trends continue, we expect that overall investment in new brand activities will be significantly higher in the coming year than last year."