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J&J, P&G, 3M and Other Large Companies Report Earnings
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Johnson & Johnson reported higher sales and earnings. (Shahrzad Elghanayan/Associated Press)
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Good morning, CFOs. This earnings season is hitting its stride with a swath of the country’s largest companies, such as consumer-products giant Procter & Gamble and healthcare conglomerate Johnson & Johnson, providing quarterly updates as the stock market reaches new highs.
Here is a summary of the big earnings reports Tuesday, including:
P&G: The consumer-products company said pricing is largely fueling sales growth, and that shoppers stepped up the volume of items purchased across several categories such as hair and fabric care.
3M: The consumer, industrial and healthcare-products company reported better-than-expected quarterly earnings, but gave a lackluster 2024 outlook.
General Electric: The aerospace and power company reported fourth-quarter earnings that beat expectations but provided a downbeat outlook.
J&J: The healthcare giant reported higher sales and earnings, helped in part by the company’s MedTech segment.
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Content from: DELOITTE
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2024 India Outlook: Small and Midsized Businesses on the Rise
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On a path to becoming the world’s third largest economy, India’s growth is largely powered by the strength of its micro, small, and medium enterprises. More work is needed at many levels to sustain recent growth rates. Keep Reading ›
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🗓️ Earnings
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Abbott Laboratories
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AT&T
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IBM
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Tesla
📈 Economic indicators
S&P Global releases both its Manufacturing and Services Purchasing Managers’ indexes for January.
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What Else Matters to CFOs
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Securing rights to the hit show ‘WWE Raw’ reflects Netflix’s ambition of being a must-have home-entertainment subscription. PHOTO: CHARLES KRUPA/ASSOCIATED PRESS
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Netflix is ramping up its investments in live programming with a new deal for WWE wrestling rights, and working to expand its ad business as it continues to add new customers at a rapid clip.
The streaming giant added 13.1 million subscribers in the fourth quarter—its strongest final quarter ever for net additions—after attracting 7.7 million new customers during the same period a year earlier. That robust subscriber growth is a sign that its global crackdown on password sharing was a success, with the company telling shareholders that paid sharing is now the norm.
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China’s central bank announced new steps to boost bank lending to households and businesses, an early move in what is expected to be a broad but restrained campaign by authorities to prop up growth.
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Investor purchases of single-family homes tumbled 29% last year, as higher interest rates and record home prices compelled even deep-pocketed investment firms to pull back.
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Stephen Volk, the quintessential dealmaker and former Citigroup vice chairman who counseled generations of corporate chieftains, died Saturday. He was 87.
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One of the easiest, safest investments last year is losing its luster. And there really isn’t an easy answer for what to do now.
📰 More headlines
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4 Points
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Procter & Gamble’s pricing slid to 4 points in its latest quarter as analysts are watching whether consumer-goods companies will be able to hold prices as inflation cools.
The consumer-products giant said sales growth for the quarter ended Dec. 31 was fueled by pricing actions as well as shoppers stepping up the volume of items purchased. But the maker of Tide detergent and Crest toothpaste said the benefits from price increases will moderate in its current fiscal year ended June 30. Pricing contributed 4 points to the Cincinnati-based company’s sales growth for the latest three-month period, compared with 7 points in the previous quarter and 10 in the prior-year period.
While the company maintained its outlook for organic sales to increase 4% to 5% in fiscal year 2024, the pricing step-down is expected to continue, Chief Financial Officer Andre Schulten told analysts on Tuesday. “We expect the pricing contribution to top line growth to reduce by an additional 1 to 2 points in the back half of the year,” he said.
—Jennifer Williams-Alvarez
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Qualcomm, the San Diego-based semiconductor and computer chip maker, has named its chief financial officer, Akash Palkhiwala, to the additional post of chief operating officer. Palkhiwala, who has been CFO since 2019, will now have oversight for the company's global go-to-market organization and operations, and information technology, Qualcomm said. Palkhiwala, who joined Qualcomm in 2001, will continue to report directly to President and Chief Executive Cristiano Amon.
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Heena Agrawal, chief financial officer/SOURCE: DULUTH TRADING COMPANY
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Duluth Holdings, the Mount Horeb, Wis.-based maker of casual wear and workwear, has named Heena Agrawal senior vice president and chief financial officer, effective Feb. 12. Agrawal joins from Kontoor Brands, where she was chief financial officer of global Wrangler and global Kontoor supply chain. Duluth said Michael Murphy, who stepped in as interim CFO in September following the resignation of Dave Loretta, will continue as chief accounting officer and assume responsibility for
the company's treasury function.
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Content From Our Sponsor: DELOITTE
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Economic News and Analysis from Ira Kalish
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Deloitte Chief Global Economist Ira Kalish provides an in-depth view of the week’s most important economic reports from the U.S. and around the world, on the issues that matter to CFOs. Read more.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams-Alvarez, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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