Procter & Gamble; Procter and Gamble Signage outside Procter & Gamble corporate headquarters in downtown Cincinnati. Procter & Gamble reports financial resultsEarns Procter Gamble, Cincinnati, USA

Procter & Gamble grew organic sales by 2 percent for fiscal 2017.

For the full year, net earnings were $15.4 billion, up 45 percent from $10.6 billion the prior year. Net sales were flat at $65.1 billion, including a negative 2 percent impact from foreign exchange rates. Organic sales were up 2 percent because of an uptick in organic shipping volume, the company said. Diluted net earnings per share were $5.59, up 51 percent from the prior-year period.

Net earnings for the fiscal fourth quarter were $2.2 billion, up 12 percent from $1.96 billion in the prior-year period. Sales for the fiscal fourth quarter were also flat, at $16.1 billion, which includes a negative two point impact from foreign exchange. Organic sales were up 2 percent. Diluted net earnings per share were 82 cents, up 19 percent from the prior-year period.

For the quarter, beauty net sales were down 1 percent, but grooming net sales were up 3 percent, P&G said. Organic beauty sales were up 5 percent year-over-year, P&G said, because of a high single digit increase in skin and personal care driven by SK-II (which has increased pricing behind product innovation). Hair care sales also improved, also due to increased pricing. Grooming organic sales were down 1 percent, due to decreased pricing in shave care.

The company’s numbers come as P&G tries to fend off a move for a board seat by activist shareholder Nelson Peltz and Trian Fund Management LP.

“We met or exceeded each of our going-in objectives for fiscal year 2017 in a challenging macro and competitive environment,” said David Taylor, chairman, president and chief executive officer of P&G, of the quarter. “We made significant progress on our key priorities: accelerating organic sales growth, continuing to drive strong productivity improvement and cost savings, strengthening our organization and culture and completing moves to simplify and strengthen our product portfolio. Looking forward, we will continue to drive productivity improvement and cost savings to provide the fuel for investments needed to accelerate and sustain faster top line growth while expanding operating profit margin. Our long-term objective is to deliver results at levels that support our goal of balanced growth and value creation and operating total shareholder return in the top third of our competitive peer group.

“As an organization, we are accelerating efforts to execute and deliver on the plans we’ve put into action,” Taylor continued. “Achieving our objectives will not only require continued focus as an organization, but also that we prevent anything from derailing the work that is delivering improvement. We, as a management team and board, are confident we have the right plan in place.”

P&G is projecting organic sales growth between 2 and 3 percent for fiscal 2018, which includes a neutral to half-a-percentage point benefit to sales growth from the impacts of foreign exchange and acquisitions and divestitures. P&G expects EPS growth of 5 to 7 percent.

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