Procter & Gamble Co (NYSE:PG, ETR:PRG) posted a mixed bag of fiscal 3Q earnings, with sales disappointing Street expectations as volumes in key segments declined.
However, the company did raise its profit outlook as higher prices helped fuel confidence in its bottom line.
During the quarter ended March 31, 2024, P&G reported diluted net earnings per share of $1.52, marking an 11% increase compared to the previous year and surpassing analysts' expectations of $1.42.
However, net sales fell short of Wall Street estimates, coming in at $20.2 billion.
Within its segments, P&G saw growth in the personal grooming segment, which experienced a notable 10% rise in organic sales, driven by increased pricing in Latin America and Europe. Similarly, the beauty segment saw a 3% increase in organic sales, although sales of the SK-II brand declined due to a boycott by Chinese consumers.
Looking ahead, P&G expects its earnings per share for fiscal year 2024 to grow by one to two percent for diluted net earnings and by 10% to 11% for core net earnings compared to the earnings per share achieved in fiscal year 2023.
Shares of P&G dropped around 1.7% in premarket trading Friday.