Procter & Gamble Co (NYSE: PG) reported market-beating results for its fiscal third quarter and raised its sales outlook on Wednesday. Shares are up 1.0% in premarket trading.
What P&G Q3 earnings report tells us
Net income printed at $3.355 billion versus the year-ago figure of $3.269 billion.Per-share earnings stood at $1.33, an increase from last year’s $1.26.Sales jumped 7.0% YoY to $19.381 billion, as per the earnings press release.FactSet consensus was for $1.29 of EPS on $18.706 billion in sales.Returned over $3.40 billion to shareholders via dividend and stock repurchase.
Fabric and home care, health care, and beauty sales were up 10%, 16%, and 3%, respectively. Last month, Truist’s Bill Chappell said P&G was a post-pandemic winner.
Future outlook and CEO’s remarks
For the full financial year, Procter & Gamble now forecasts a 4.0% to 5.0% increase in its sales. It expects 6.0% to 9.0% growth in the per-share earnings this year. In comparison, analysts had called for a 4.3% growth in sales and a 3.4% EPS increase. In the earnings press release, CEO Jon Moeller said:
Our focus remains on strategies of superiority, productivity, constructive disruption and improving P&G’s organisation and culture. They remain the right strategies to manage the near-term cost and operational challenges and to deliver long-term balanced growth and value creation.
Earlier in April, P&G increased its quarterly dividend to $0.9133 per share.
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