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Procter & Gamble (PG) Q1 2016 Results - Earnings Call Transcript


Good morning and welcome to Procter & Gamble's quarter end conference call.

P&G would like to remind you that today's discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q, and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

Also, as required by Regulation G, Procter & Gamble needs to make you aware that during the discussion the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with valuable information on the underlying growth trends of the business and has posted on its website,, a full reconciliation of non-GAAP and other financial measures.

Now I will turn the call over to P&G's Chief Financial Officer, Jon Moeller.

Jon R. Moeller - Chief Financial Officer

Good morning.

The quarter we just completed was a strong one from both a cash flow and underlying earnings perspective. Adjusted free cash flow productivity was very strong at 101%. Constant currency core earnings per share increased...