Freight News:
2022 Shipper of Choice profile: Procter & Gamble
The Shipper of Choice award, presented by FreightWaves in partnership with TriumphPay, recognizes the manufacturers, distributors and retailers that do the best job of keeping the American economy moving by fighting driver detention, providing accessible facilities and understanding what it takes to remove inefficiencies from the supply chain.
Among the top 25 Shippers of Choice for 2022 is … Procter & Gamble.
About Procter & Gamble
| Headquarters | Cincinnati |
| Fiscal 2022 revenue | $80.18 billion |
| Shipper of Choice history | First appearance |
Why P&G made the cut
It would be difficult to find a more ubiquitous collection of brands than those under the Procter & Gamble Co. umbrella. P&G (NYSE: PG) has operations in more than 80 countries, and its nearly 300 brands are sold in more than 160 countries. P&G’s business is structured along five reportable segments, the largest of which is home and fabric care. Nearly half of its sales are generated in North America, its largest region.
Like other shippers, P&G has been forced to navigate through a challenging environment of supply chain bottlenecks, inbound supply and outbound truck shortages and higher transportation costs. The company’s after-tax freight costs are expected to be about $300 million higher in its current 2023 fiscal year than the average cost paid in fiscal 2022, executives said on its most recent call with analysts.
The strength of the P&G brand was reflected in the fact that despite an unpredicted $1.4 billion in additional costs from commodity, freight and foreign exchange pressures, it grew core earnings per share by 3% year over year.
“The list of challenges we face heading into our new fiscal year is longer than any I can recall,” President and CEO Jon Moeller said on the call. “The progress we’ve made and our collective commitment to our strategies give me confidence we can manage through these challenges.”
About Shipper of Choice partner TriumphPay
TriumphPay is the transportation industry’s premier payment network trusted by leading shippers, brokers, factors and carriers. Its innovative and highly automated fintech payment solution brings cost savings and efficiencies to antiquated transportation payment processes for network participants. Integrated financing options leverage the strength of TriumphPay’s parent bank and can provide liquidity and cash flow visibility.
TriumphPay is a division of TBK Bank, SSB, Member FDIC, and a member of the Triumph Bancorp Inc. (NASDAQ: TBK) group.
Source: freightwaves - 2022 Shipper of Choice profile: Procter & Gamble
Editor: Mark Solomon