Consumer goods company Procter & Gamble (PG) has issued third-quarter financial results that beat Wall Street forecasts on both the top and bottom lines.
The maker of Tide laundry detergent and Gillette razor blades reported earnings per share (EPS) of $1.83 U.S. versus $1.72 U.S. that had been expected.
Revenue in the July through September quarter totaled $21.87 billion U.S. compared to $21.58 billion U.S. that had been anticipated. Revenue was up 6% year-over-year.
The strong print comes despite the company’s overall sales volumes continuing to decline.
Procter & Gamble said consumers continue to seek out cheaper generic alternatives to many of its products as inflation remains elevated.
Earlier this year, Procter & Gamble said it plans to scale back price increases on its name brand items that also include Olay soap, Crest toothpaste, and Pampers diapers.
Nevertheless, the Cincinnati-based company said that its sales got a boost in the latest quarter from another 7% price increase.
Procter & Gamble said it now forecasts that its full-year revenue will grow 2% to 4% and that it still expects EPS of $6.25 U.S. to $6.43 U.S.
Wall Street analysts had been calling for full-year EPS of $6.39 U.S.
The stock of Procter & Gamble has gained 14% over the last 12 months and currently trades at $146.26 U.S. per share.
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