: Procter & Gamble beats earnings estimates after again raising prices

Procter & Gamble Co.’s stock PG rose 1.6% in premarket trade Friday, after the consumer goods giant blew past earnings estimates for its fiscal fourth quarter. The Cincinnati-based parent of brands including Charmin, Crest and Pampers posted net income of $3.384 billion, or $1.37 a share, for the quarter to June 30, up from $3.052 billion, or $1.21 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.37, ahead of the $1.32 FactSet consensus. Sales rose to $20.6 billion from $19.5 billion a year ago, ahead of the $20.0 billion FactSet consensus. “The team met or exceeded our going-in plans for sales, earnings, and cash in a difficult operating environment and despite significant cost headwinds,” Chief Executive Jon Moeller said in a statement. Sales growth was due to a 7% increase from higher pricing and a 2% increase from favorably mix, partially offset by a 1% decline in shipment volumes. Gross margin increased 380 basis points from a year ago, driven by 340 basis points of pricing benefit and 290 basis points of productivity savings. The company is now expecting fiscal 2024 EPS to increase 5% to 9% to a range of $6.25 to $6.43. Sales are expected to rise 3% to 4%.

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