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18 Oct

P&G Beats Wall Street Forecasts in Q1 – WWD

Procter & Gamble beat Wall Street forecasts in the primary quarter on the back of upper pricing.

The buyer goods giant, whose brands include Oral-B, Head & Shoulders, Olay, Gillette, SK-II and Pampers, saw first quarter fiscal yr 2024 net sales are available at $21.9 billion, up 6 percent versus a yr ago and barely above Wall Street forecast of $21.58 billion. Earnings per share were $1.83, also surpassing estimates of $1.72.

“We delivered very strong leads to the primary quarter of fiscal yr 2024, putting us on the right track to deliver towards the upper end of our fiscal yr guidance ranges for organic sales and core EPS growth,” said Jon Moeller, chairman of the board, president and chief executive officer. “The P&G team’s execution of this strategy has enabled us to construct and sustain strong momentum. We have now confidence this stays the precise technique to deliver balanced growth and value creation.”

Inside that, beauty segment organic sales increased 5 percent. Skin and private care organic sales grew low single digits as higher pricing and innovation-based volume growth were partially offset by lower sales of SK-II. Hair care organic sales increased high single digits, driven primarily by increased pricing.

Grooming segment organic sales increased 9 percent, as higher pricing and favorable product mix were partially offset by pricing-related volume declines.

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