Procter and Gamble Co. Charmin brand toilet paper is arranged for a photograph taken in Hastings on Hudson, New York, U.S., on Saturday, Oct. 17, 2020. Proctor & Gamble Co. is scheduled to release earnings figures on October 20. Photographer: Tiffany Hagler-Geard/Bloomberg via Getty Images
Tiffany Hagler-Geard | Bloomberg | Getty Images
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 more than 1% 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: $20.07 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.
