Procter & Gamble's stock slips after profit beat expectations but revenue came up short

Dow Jones04-19

MW Procter & Gamble's stock slips after profit beat expectations but revenue came up short

Shares of Procter & Gamble Co. $(PG)$ slipped 0.5% in premarket trading Friday, after the consumer packaged-goods company reported fiscal third-quarter profit that rose above expectations and lifted its full-year outlook, but came up shy on revenue. Net income for the quarter to March 31 rose to $3.75 billion, or $1.52 a share, from $3.40 billion, or $1.37 a share, in the same period a year ago. Excluding nonrecurring items, core earnings per share of $1.52 beat the FactSet of $1.42. Net sales grew 0.6% to $20.20 billion, just below the FactSet consensus of $20.44 billion, as a bump in prices was partially offset by flat volume unfavorable currency translation. Among P&G's largest business segments, Fabric & Home Care sales rose 2% to $7.17 billion, Baby,Feminine & Family Care sales fell 2% to $4.34 billion and Beauty sales increased 2% to $3.55 billion. For the full fiscal year, the company raised its core EPS growth guidance to 10% to 11% from 8% to 9%, while the current FactSet EPS consensus of $6.46 implies 9.5% growth. The growth outlook for sales was unchanged at 2% to 4%. The stock has gained 7.3% year to date through Thursday, while the Consumer Staples Select Sector SPDR ETF $(XLP)$ has edged up 2.4% and the Dow Jones Industrial Average has ticked up 0.2%.

-Tomi Kilgore

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April 19, 2024 07:04 ET (11:04 GMT)

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