Pepto Bismol made by Procter & Gamble is displayed on a grocery store shelf on July 28, 2023 in Greenbrae, California.
Justin Sullivan | Getty Images
Procter & Gamble On Wednesday, it reported quarterly earnings and revenue that beat analysts’ expectations, thanks to growing demand for household staples such as toilet paper and laundry products.
The company’s shares rose 3% in pre-market trading.
Here’s what the company reported for the quarter ending December 31 compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG:
- EPS: $1.88 vs. $1.86 expected
- Revenues: $21.88 billion versus $21.54 billion expected
Procter & Gamble reported second-quarter net income attributable to the company of $4.63 billion, or $1.88 per share, up from $3.47 billion, or $1.40 per share, a year earlier.
Net sales It rose 2% to $21.88 billion. The company’s organic revenue, which excludes currency changes and divestments, rose 3% during the quarter.
Procter & Gamble’s business volume grew by 1% during this period. The metric excludes pricing, making it a more accurate reflection of demand than sales. Like many consumer companies, P&G has seen demand for its products weaken after several years of high prices.
The company’s child, women and family care division had the largest increase in volume, with a 4% jump. Procter & Gamble has credited its family and feminine care brands, which include Charmin, Puffs and Tampax. But organic baby care sales fell by lower numbers, as fewer parents bought Pampers diapers.
P&G’s Care segment, which includes Gillette razors, saw volume rise 2% during the quarter. The company said innovation led to increased volume.
The company’s Fabrics and Home Care division reported a 1% increase in volume. This segment includes Tide, Swiffer, and Cascade products.
P&G’s Healthcare segment, which includes Pepto Bismol and Oral-B products, reported flat volume.
Only P&G’s beauty division posted shrinking volume during the quarter. The company said the volume of hair care products declined in its Greater China market, and its skin care segment, which includes Olay products, also saw a global volume decline. Overall, the company’s beauty division saw a volume decline of 1%.
P&G also reiterated its outlook for fiscal 2025. It expects core net earnings per share to range between $6.91 and $7.05 and revenue growth of 2% to 4%.
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