Procter & Gambl (PG) Q2 2011 Earnings Call January 27, 2011 8:30 am ET Executives Jon Moeller - Chief Financial Officer Company Speaker - Teri List - Senior Vice President and Treasurer Robert McDonald - Chairman, Chief Executive Officer and President Analysts Edward Kelly - Crédit Suisse AG Dara Mohsenian - Morgan Stanley William Chappell - SunTrust Robinson Humphrey Capital Markets Constance Maneaty - BMO Capital Markets U.S. Lauren Lieberman - Barclays Capital Mark Astrachan - Stifel, Nicolaus & Co., Inc. Alice Longley - Buckingham Research Group, Inc. John Faucher - JP Morgan Chase & Co Ali Dibadj - Bernstein Research Joseph Altobello - Oppenheimer & Co. Inc. Jason Gere - RBC Capital Markets, LLC William Schmitz - Deutsche Bank AG Timothy Conder - Wells Fargo Securities, LLC Douglas Lane - Jefferies & Company, Inc. Alec Patterson - RCM Jon Andersen - William Blair & Company L.L.C. Andrew Sawyer - Goldman Sachs Group Inc. Linda Weiser - Caris & Company Caroline Levy - Credit Agricole Securities (USA) Inc. Nik Modi - UBS Investment Bank Christopher Ferrara - BofA Merrill Lynch PresentationOperator Good day, ladies and gentlemen. [Operator Instructions] Before we begin, the company has asked the following statements to be read. Company Speaker
Good morning, and welcome to Procter & Gamble's quarter end conference call. 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. As required by Regulation G, P&G needs to make you aware that during the call, the company will make a number of references to non-GAAP and other financial measures. Management believes that these measures provide investors valuable information on the underlying growth trends of the business. Organic refers to reported results, excluding the impacts of acquisitions and divestitures and foreign exchange where applicable. Free cash flow represents operating cash flow less capital expenditures. Free cash flow productivity is the ratio of free cash flow to net earnings. Core EPS refers to earnings per share from continuing operations excluding certain items. The effective tax rate on core earnings represents the effective tax rate on continuing operations less noncore impacts. P&G has posted on its website, www.pg.com, 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.