Procter & Gamble (NYSE:PG) Co rose in pre-market trading after results for the financial first quarter beat estimates although it trimmed the lower end of of its annual sales growth outlook.
The Cincinnati, Ohio-based consumer goods firm maintained its organic sales growth and earnings per share guidance, however.
The owner of brands such as Gillette, Head & Shoulders and Pampers, posted net income of $4.52 billion, or $1.83 a share, for the quarter ending September, up from $3.96 billion, or $1.57 a share, in the year prior.
Adjusted EPS also came to $1.83, ahead of the $1.72 FactSet consensus while sales rose 6%, boosted by rising prices, to $21.87 billion from $20.61, also ahead of the $21.58 billion FactSet consensus.
Health Care was the strongest performing division with sales up 11%, followed by Fabric & Home Care up 8%, Grooming up 6%, Baby, Feminine & Family Care up 5% and Beauty up 3%.
Oral Care organic sales increased high single digits due to increased pricing and favourable product mix while Personal Health Care organic sales increased double digits due to increased pricing and volume growth due to strong demand for respiratory products.
"We delivered very strong results in the first quarter of fiscal year 2024, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales and core EPS growth," said Jon Moeller, chief executive, in a statement.
P&G now expects full-year sales to grow 2% to 4% and still expects EPS of $6.25 to $6.43.
It backed that guidance despite an incremental $600 million of forex headwinds since guidance in late July.
Shares rose 1.7% to $148.77 in New York ahead of the open.