Containers of Tide cleaner on store shelves in New York.
Richard B. Levine | Corbis | Getty Images
Procter & Gamble handled analysts’ estimates for quarterly earnings and revenue yesterday, as consumers maintain trends in buying pandemics, such as buying more cleaning products and buying beauty products again.
The company, whose portfolio includes Tide cleaner, Charmin toilet paper and Pampers diapers, has also announced that it will implement price increases on some products this fall.
The shares of the company were smooth in the trading of the market.
This is what the company reported compared to what Wall Street expected, based on a survey of analysts by Refinitiv:
- Earnings per share: $ 1.26 versus $ 1.19 expected
- Revenue: $ 18.1 billion against $ 17.9 billion expected
P&G posted third-quarter fiscal net income of $ 3.27 billion or $ 1.26 per share, compared to $ 2.92 billion, or $ 1.12 per share, a year earlier. Analysts surveyed by Refinitiv expected earnings of $ 1.19 per share.
Net sales rose 5% to $ 18.1 billion, beating expectations of $ 17.9 billion. Organic revenue grew by 4% during the quarter.
The company reiterates its fiscal outlook for 2021 and forecasts sales growth of 5% to 6% and adjusted earnings growth of 8% to 10%.
P&G also said that price increases in baby care, female care and adult incontinence products in the United States are being started to offset rising commodity costs. Price increases will vary by brand, but will range from medium to high single figures. Consumers can expect the price increases to take effect in September. Rival Kimberly-Clark, which makes Huggies, has already announced price increases on some of its products.
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