{"id":52834,"date":"2023-12-05T17:46:59","date_gmt":"2023-12-05T17:46:59","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/procter-gamble-sees-more-than-2-billion-in-charges-for-restructuring-and-gillette-impairment\/"},"modified":"2023-12-05T17:47:00","modified_gmt":"2023-12-05T17:47:00","slug":"procter-gamble-sees-more-than-2-billion-in-charges-for-restructuring-and-gillette-impairment","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=52834","title":{"rendered":"Procter & Gamble sees more than $2 billion in charges for restructuring and Gillette impairment"},"content":{"rendered":"
\n

Procter & Gamble\u00a0Co.\u2019s stock fell 2.8% Tuesday, after the consumer goods giant said it expects to book more than $2 billion in charges for a limited restructuring and an impairment relating to Gillette, which it acquired in 2005.<\/p>\n

The company
\n PG,
\n -2.93%<\/bg-quote>
\n is expecting to book after-tax restructuring charges of $1.0 billion to $1.5 billion relating mostly to enterprise markets, including Argentina and Nigeria, to address \u201cchallenging macroeconomic and fiscal conditions.\u201d <\/p>\n

\n

Most of the charges will be noncash and recognized in the fiscal years ending June 30, 2024 and 2025, with the first charges to be booked in the quarter ending Dec. 31. <\/p>\n

The company also expects to book a roughly $1.3 billion pretax noncash impairment charge related to Gillette. <\/p>\n

\u201cThe impairment charge arises from a reduction in the estimated fair value of the Gillette indefinite-lived intangible asset due to a higher discount rate, weakening of several currencies relative to the U.S. dollar and the impact of the restructuring program described above,\u201d the company said in a regulatory filing. <\/p>\n

On its recent third-quarter earnings call, P&G highlighted how the strong dollar was again creating headwinds that it estimated would total about $1 billion after-tax, or an incremental $600 million, to its full-year guidance since it first offered it in late July.<\/p>\n

A strong currency hurts companies like P&G that compete all over the world as it reduces the amount they receive when they repatriate cash from countries with weaker currencies.<\/p>\n

For more, see:<\/strong> Procter & Gamble\u2019s earnings include a familiar refrain. The strong dollar is creating big headwinds.<\/p>\n

Related:<\/strong> Procter & Gamble earnings rise as it again lifts prices and boosts margins<\/p>\n

The company said the underlying Gillette business remains strong, but future adverse changes in the business or macro environment may trigger another charge. <\/p>\n

P&G acquired Gillette in a $57 billion all-stock deal in January 2005, adding its razor and Duracell battery businesses to its array of consumer products.<\/p>\n

The stock has gained 2.4% in the year to date, while the S&P 500
\n SPX,
\n -0.30%<\/bg-quote>
\n has gained 19%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Procter & Gamble\u00a0Co.\u2019s stock fell 2.8% Tuesday, after the consumer goods giant said it expects to book more than $2 billion in charges for a limited restructuring and an impairment relating to Gillette, which it acquired in 2005. The company PG, -2.93% is expecting to book after-tax restructuring charges of $1.0 billion to $1.5 billion […]<\/p>\n","protected":false},"author":1,"featured_media":52835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-52834","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nProcter & Gamble sees more than $2 billion in charges for restructuring and Gillette impairment | Prosfunds<\/title>\n<meta name=\"description\" content=\"Procter & Gamble\u00a0Co.\u2019s stock fell 2.8% Tuesday, after the consumer goods giant said it expects to book more than $2 billion in charges for a limited\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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