: Procter & Gamble’s stock up after earnings beat estimates

Procter & Gamble Co.’ stock PG rose 0.9% premarket Wednesday, after the consumer goods giant beat estimates for its fiscal first quarter and backed its fiscal 2024 guidance. The Cincinnati-based parent of brands including Charmin, Crest and Pampers, posted net income of $4.521 billion, or $1.83 a share, for the quarter to Sept. 30, up from $3.963 billion, or $1.57 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.83, ahead of the $1.72 FactSet consensus. Sales rose 6% to $21.871 billion from $20.612 billion, also ahead of the $21.580 billion FactSet consensus. Sales were boosted by another rise in prices of 7%, “We delivered very strong results in the first quarter of fiscal year 2024, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales and core EPS growth,” said Jon Moeller, chief executive, in a statement. The company now expects full-year sales to grow 2% to 4% and still expects EPS of $6.25 to $6.43. The FactSet consensus is for EPS of $6.39. The company is sticking with that guidance despite an incremental $600 million of forex headwinds since its initial guidance in late July. The stock has fallen 3.5% in the year to date, while the S&P 500 SPX has gained 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.