Procter & Gamble Tops Q1 Earnings Forecast, Lifts 2022 Sales Guide: Sees $ 8 Billion In Dividend Payments

“We delivered another quarter with strong sales growth and made sequential earnings growth progress despite significant and increasing cost headwinds,” said CEO Jon Moeller.

Procter & Gamble Co. (PG) – Get Procter & Gamble Company Report posted stronger-than-expected first quarter earnings Wednesday, while boosting its full-year sales forecast, as the consumer staples group sees firming demand that could offset rising commodity costs.

Procter & Gamble said core earnings for the three months ending in March, the company’s fiscal third quarter, came in at $ 1.33 per share, up 5.5% from the same period last year and 3 cents ahead of the Street consensus forecast of $ 1.30 per share. Group revenues, the company said, rose 7% to $ 19.4 billion, again topping analysts’ estimates of an $ 18.72 billion tally.

Looking into the group’s 2022 fiscal year, P&G reiterated its previous profit forecast, which sees core earnings growth of between 3% and 6%, and a 4% to 5% improvement in organic sales growth, up 100 basis points from its prior estimate.

“We delivered another quarter with strong sales growth and made sequential earnings growth progress despite significant and increasing cost headwinds,” said CEO Jon Moeller. “These results enable us to raise our top-line growth outlook for the fiscal year and to maintain our EPS guidance range.”

“Our focus remains on the strategies of superiority, productivity, constructive disruption and continuously improving P & G’s organization and culture. These strategies have enabled us to build and sustain strong momentum,” he added. “They remain the right strategies to manage through the near-term cost and operational challenges we’re facing and to deliver long-term balanced growth and value creation.”

Procter & Gamble shares were marked 2% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $ 162.50

Fabric and home care sales, which include cleaning products such as Tide laundry detergent, Joy, Febreze and Cascade, rose 4% from last year, while baby, feminine and family care segment sales were $ 2 higher from 2021 levels.

Beauty sales were flat to last year, the company said, while personal grooming sales, which includes skin care products, rose 1% from last year.

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This story was originally published April 20, 2022 7:06 AM.

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