Research, December 1st, 2004
A Unique Investment Proposition
P & G is delivering broad-based, organic growth complemented by strategic acquisitions. Company performance has accelerated over the past three years, and we are confident double-digit earnings-per-share growth is sustainable for the foreseeable future.
P & G exceeded all its financial goals in fiscal year 2004, and shareholder returns were excellent:
* Sales were $51.4 billion, up 19%, versus a goal of +4% to +6%, excluding impacts of foreign exchange.
* Earnings per share were $2.32, up 25%, versus a goal of 10% or greater EPS growth.
* Free Cash Flow w...
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