Products You May Like
Procter & Gamble on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations, despite volume falling for the sixth consecutive quarter.
Shares of the company rose 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings per share: $1.83 vs. $1.72 expected
- Revenue: $21.87 billion vs. $21.58 billion expected
P&G reported fiscal first-quarter net income attributable to the company of $4.52 billion, or $1.83 per share, up from $3.94 billion, or $1.57 per share, a year earlier.
Net sales rose 6% to $21.87 billion. The company’s organic revenue increased 7% in the quarter.
P&G also widened its outlook for fiscal 2024 revenue as it anticipates that foreign exchange rates could be a larger drag than previously expected. The company now projects revenue growth of 2% to 4%, rather than its prior forecast of 3% to 4%.
P&G reiterated its full-year forecast for organic revenue growth, which strips out the impact of acquisitions, divestitures and foreign currency, and for earnings per share growth.