Procter & Gamble (PG) reported better-than-expected third quarter earnings as higher prices
offset lower demand for its consumer products.
The Cincinnati, Ohio-based company, whose products include Tide laundry detergent, Gillette
razor blades and Crest toothpaste, reported earnings per share of $1.57 U.S. versus $1.54 U.S.
that had been expected on Wall Street.
The company’s revenue amounted to $20.61 billion U.S. compared to $20.28 billion U.S. that
was forecast by analysts.
Despite the strong Q3 results, Procter & Gamble said it’s expecting foreign currency to hit its
fiscal 2023 results more than previously anticipated.
The company is now forecasting earnings per share on the low end of its prior range of flat to up
4%. Its net sales are expected to decline 1% to 3%, lower than its previous outlook of flat to 2%.
PG stock is down 21% on the year and currently trading at $128.37 U.S. per share.
