Procter & Gamble (NYSE:PG) has reported fourth-quarter revenue and earnings as it benefitted from price increases.
However, the consumer goods company’s guidance for fiscal 2024 has fallen short of analysts’ estimates.
The maker of goods that include Tide washing detergent, Crest toothpaste and Gillette razors, reported 4Q net sales of $20.6 billion, up 5%, with organic sales growth of 8%. Analysts polled by Refinitiv expected sales of $20 billion.
Core earnings per share (EPS) rose 13% to $1.37, above the $1.32 expected by the Street.
Full-year 2023 net sales rose 2% to $82 billion, with core EPS also 2% higher at $5.90.
“The April-June quarter provided a very strong finish to fiscal year 2023 – top-line growth, bottom-line growth, and cash generation,” chairman and CEO Jon Moeller said in a statement.
“The team met or exceeded our going-in plans for sales, earnings, and cash in a difficult operating environment and despite significant cost headwinds.”
The company expects 2024 sales growth of 3% to 4%, below the 4.5% pencilled in by the Street. It expects a 6% to 9% improvement in EPS versus the 8.8% anticipated by analysts.
Its shares rose 1.6% to $154.55 in Friday pre-market trading.
Contact the author at stephen.gunnion@proactiveinvestors.com