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    HomeTop StoriesProcter & Gamble sales rise slightly, fueled by higher prices

    Procter & Gamble sales rise slightly, fueled by higher prices


    Tide laundry detergent is shown on display in Compton, California, U.S., January 10, 2017. 

    Mike Blake | Reuters

    Procter & Gamble on Friday reported quarterly earnings and revenue that beat analysts’ expectations, thanks to price hikes for products like Crest toothpaste and Pampers diapers.

    But the company released a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street’s estimates.

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    Still, shares of the company rose 1.2% in premarket trading.

    Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

    • Earnings per share: $1.37 vs. $1.32 expected
    • Revenue: $20.55 billion vs. $19.98 billion expected

    The Tide detergent owner reported fiscal fourth-quarter net income of $3.38 billion, or $1.37 per share, up from $3.05 billion, or $1.21 per share, a year earlier.

    Net sales rose 5% to $20.55 billion. Its organic revenue, which strips out the impact of acquisitions and divestitures, increased 8% in the quarter.

    For roughly two years, P&G has been raising prices on its products to mitigate higher commodity costs. But customers haven’t been as willing to stick with P&G’s brands, leading to five consecutive quarters of volume declines. Volume excludes the impact of currency and pricing changes to reflect demand.

    P&G’s volume fell 1% during the quarter.

    For fiscal 2024, P&G is forecasting that its revenue will grow 3% to 4%, lower than Wall Street’s expectations of 4.5% sales growth. The company is also projecting earnings per share growth of 6% to 9%, which is on the lower end of analysts’ forecast of 8.8%.



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