PG - Procter And Gamble Remains Confident In The Resilience Of Its Customers | Benzinga
On October 18th, The Procter & Gamble Company (NYSE: PG) reported its quarterly results that topped both top and bottom-line estimates despite losing some of its consumers due to continuously raising prices with volumes dropping for the six consecutive quarter. Procter & Gamble isn’t immune to the weakened consumer spending patterns, but it is more confident in the resilience of its customers compared to some of its peers, like PepsiCo Inc (NASDAQ: PEP) who opted for a more conservative outlook and moderate price hikes. On October 10th, Pepsi also topped Wall Street estimates, while also lifting its full year earnings guidance.
Fiscal First Quarter Highlights
For its fiscal first quarter, Procter & Gamble net sales expanded 6% to $21.87 billion with organic revenue increasing 7% due to higher pricing. LSEG’s consensus of analysts expected revenue of $21.58 billion. The consumer goods giant has been exceeding market expectations for more than three years now.
The resulting net income amounted to $4.52 billion, or $1.83 per share, exceeding LSEG’s estimate of $1.72. But when excluding ...