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Procter & Gamble’s earnings beat as higher pricing offsets drop in volume

Containers of Tide detergent on grocery store shelves.

Richard Levine | Corbis | Getty Images

Procter & Gamble on Wednesday reported quarterly earnings and revenue that topped analysts’ estimates as higher pricing offset lower demand for its products.

But the company also said it’s expecting foreign currency to hit its fiscal 2023 results more than previously expected. P&G said it’s now forecasting earnings per share on the low end of its prior range of flat to up 4%. Its net sales are also expected to decline 1% to 3%, lower than its previous outlook of flat to up 2%.

The stock rose 1.8% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $1.57 vs. $1.54 expected
  • Revenue: $20.61 billion vs. $20.28 billion expected

P&G reported fiscal first-quarter net income of $3.94 billion, or $1.57 per share, down from $4.11 billion, or $1.61 per share, a year earlier.

Net sales rose 1% to $20.61 billion, topping expectations of $20.28 billion.

This story is developing. Please check back for updates.

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