Procter & Gamble (PG) has reported mixed financial results for the fourth quarter of 2023 as spending on its brand name consumer goods remains sluggish.
The company, whose products include Tide laundry detergent and Gillette razor blades, announced earnings per share (EPS) of $1.84 U.S. versus $1.70 U.S. that had been forecast among analysts.
Revenue for the quarter totaled $21.44 billion U.S. versus $21.48 billion U.S. that had been estimated. The company’s sales rose 3% from a year earlier.
In terms of guidance, Procter & Gamble said it now expects fiscal 2024 earnings growth of about 1%. That compares to a previous forecast of 6% to 9% growth for this year.
The company has repeatedly said that it is seeing sales weaken as consumers pivot to cheaper generic alternatives to its brand name products amid the current inflationary environment.
Procter and Gamble’s Q4 2023 results were also impacted by a $1.3 billion U.S. charge related to a drop in the book value of its Gillette razor blade business as volume growth slows due to hybrid work trends and a stronger U.S. dollar.
The stock of Procter & Gamble has gained 5% over the last 12 months to trade at $147.86 U.S. per share.
