Procter & Gamble Stock Rises on Earnings Beat. Outlook Has Lessons for S&P 500. -- Barrons.com-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Procter & Gamble Stock Rises on Earnings Beat. Outlook Has Lessons for S&P 500. -- Barrons.com

Dow Jones2023-10-18

By Jack Denton

Procter & Gamble firmly beat analysts' expectations in its latest quarterly results, but the news wasn't all good with some gloom over the sales outlook for the year ahead due to the impact of foreign currency. It may have lessons for the whole S&P 500.

P&G (ticker: PG) reported core earnings of $1.83 a share on revenue of $21.9 billion in the three months ended in September, its fiscal first quarter of fiscal 2024. Analysts surveyed by FactSet had expected the company to report earnings of $1.72 a share on revenue of $21.6 billion.

Shares in P&G advanced 1.2% in premarket trading.

It's not all good news. The consumer-goods giant behind Tide and many other household products lowered its all-in sales forecast for fiscal 2024 to a range of 2% to 4%, from previous guidance of 3% to 4%, citing headwinds from foreign exchange.

This is breaking news. Check back soon for more analysis.

Write to Jack Denton at jack.denton@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 18, 2023 07:12 ET (11:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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