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P&G CFO: How stronger dollar really hurt results

Procter & Gamble Tide
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Consumer products giant Procter & Gamble delivered quarterly profit that topped expectations on Thursday, despite a sixth- straight drop in sales.

"Revenue was a little under, but we've had to make the choice between optimizing revenue and optimizing earnings," CFO Jon Moeller told CNBC's "Squawk Box," moments after the earnings announcement. "We've made the latter choice."

P&G posted fiscal fourth-quarter earnings excluding items of $1 per share—5 cents above estimates and 5 cent better than a year ago. The company said it took a $2.03 billion charge for a change in the accounting method of its Venezuelan operations.

Revenue of $17.79 billion was below forecasts and lower than last year's $20.16 billion, as P&G continued to be weighed down by a stronger dollar that stripped the value of overseas sales.

"There's no escaping the fact that foreign exchange has had a big impact on both our top and bottom lines," Moeller acknowledged—noting a 9 percentage point negative impact on quarterly earnings and 14 points on revenue.

Shares of P&G were down 3 percent in premarket trading following the announcement. (Get the latest quote here.)

On Tuesday, the company confirmed that David Taylor, group president for global beauty, grooming, and health care, will be succeeding A.G. Lafley as the next CEO, effective Nov. 1.

Moeller told CNBC he's confident in Taylor's leadership, calling him a "fantastic choice."

Lafley—who's going to remain as chairman to assist with the transition—has been CEO of the company twice; from 2000 to 2009 and beginning in 2013.

Procter's shares have struggled this year, declining more than 10 percent and trading about 1 percent higher year over year. The company's stock has also declined nearly 6 percent in the last six months.

Reuters contributed to this report.

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