Procter & Gamble on Friday reported quarterly earnings and revenue that topped analysts’ expectations as higher prices helped offset lower demand for its products.
The company, which owns household brands like Febreze, Charmin and Tide, also raised its forecast for organic sales growth for fiscal 2023 to 6%, up from its prior range of 4% to 5%.
Shares of the company rose 1% in premarket trading.
Here’s what the company reported for the quarter ended March 31 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: $20.07 billion vs. $19.32 billion expected
P&G reported fiscal third-quarter net income of $3.4 billion, or $1.37 per share, up from $3.36 billion, or $1.33 per share, a year earlier.
Net sales rose 4% to $20.07 billion. Organic sales, which strip out the effects of foreign currency, acquisitions and divestitures, increased 7% in the quarter.
But the company’s volume, which excludes price and currency changes, fell 3% as consumers opted for cheaper alternatives. Across its portfolio, P&G’s prices were up 10% year-over-year.
This marks the fourth consecutive quarter of shrinking volume for the consumer giant. All of P&G’s divisions, except its health and beauty businesses, reported declining volume for the quarter.
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