P&G Raises Profit Outlook as Higher Prices Bolster Bottom Line

Bloomberg04-19

Productivity gains, lower ingredient costs also helped resultsQuarterly sales missed estimates as volumes were flatProcter & Gamble Co. boosted its profit outlook as the maker of Pampers diapers and ...

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Gross margin, a gauge of profitability, also came in above estimates for the quarter ended March 31. The company said costs have fallen in part due to curtailed overtime at production lines and shifts to lower-cost ingredients.While earnings in the quarter beat expectations, sales fell short. Organic sales, which strip out the impact of acquisitions, divestitures and foreign-exchange impacts, increased slightly less than analysts had projected. Shipment volumes were little changed from a year earlier.The report shows that shoppers are still spending more for essential goods even as persistently high inflation curbs purchasing power. P&G is on track to boost its prices for a sixth consecutive year, and in the latest quarter they came in 3% higher than a year earlier. While higher prices are underpinning better profitability, it has come at the cost of lower volume growth.In an interview, Chief Financial Officer Andre Schulten said consumer behavior is “really stable.” He added that “the supply situation on the commodity side has eased after Covid.”In North America, where P&G gets half of its revenue, third-quarter volume rose 3%, slightly below last quarter’s 4%. Overall, volume was flat in the period.P&G posted higher-than-expected sales growth in its grooming division, which includes Gillette razors, citing higher prices in Europe and Latin America. Schulten said that business has been bolstered by total body shaving and intimate hair removal products, which P&G has targeted with shaving gels and Braun electric shavers for both men and women.P&G’s fabric-care business, which sells Tide detergent, also outperformed last quarter. Its health care and baby products divisions, however, came under pressure, with volumes dropping in both categories, the maker of Pampers said.P&G has struggled to expand sales in China, where it sells SK-II beauty products, amid weak consumer confidence. “The consumer is still a little bit shaken,” Schulten said of China. “I think the market is coming back slowly. Will it be bumpy in the future? Yes, it won’t be a straight line.”P&G shares have advanced 7.3% this year through Thursday’s close, outpacing the 5.1% gain of the S&P 500 Index.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1158312079"}