This is the official logo of Procter & Gamble (P&G), which reported on Oct. 18, 2023 that its quarterly earnings and revenue beat Wall Street forecasts, pushing its shares rising. (Credit: P&G)
P&G widened its outlook for fiscal year 2024 revenue as it anticipated that foreign exchange rates could be a larger drag than expected.
NEW YORK, Oct. 18 (Xinhua) -- Procter & Gamble (P&G) reported Wednesday that its quarterly earnings and revenue beat Wall Street forecasts, pushing its shares rising.
The consumer goods giant saw its net sales come in at 21.9 billion U.S. dollars in the first quarter of fiscal year 2024, up 6 percent from a year ago, slightly above the Wall Street forecast of 21.58 billion dollars.
Although the company's volume shrank 1 percent, its organic revenue increased 7 percent in the July-September quarter, helped by higher prices for P&G's products.
P&G, whose brands include Oral-B, Head & Shoulders, Olay, Gillette, SK-II and Pampers, has been raising prices on its products like Tide detergent and Charmin toilet paper for nearly two years.
P&G shares gained 2.8 percent in late trading on Wednesday following the stronger-than-expected result.
"Overall we view the result as solid and reflective of topline momentum and reinvestment positioning the company to accelerate organic volume growth," Stifel analyst Mark Astrachan said in a note.
P&G widened its outlook for fiscal year 2024 revenue as it anticipated that foreign exchange rates could be a larger drag than expected.
The company on Wednesday projected revenue growth of 2 percent to 4 percent, rather than its prior forecast of 3 percent to 4 percent. ■
