Bottles of Tide detergent, a Procter & Gamble product, are displayed for sale in a pharmacy on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble on Friday reported mixed quarterly as the consumer products said higher prices helped offset rising commodity costs.
The company warned that it expects “another year of significant headwinds” for its fiscal 2023. Shares of the company were down about 4% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.21 adjusted vs. $1.22 expected
- Revenue: $19.52 billion vs. $19.4 billion expected
P&G reported fiscal fourth-quarter net income attributable to the company of $3.05 billion, or earnings per share of $1.21, up from $2.9 billion, or $1.13 per share, a year earlier.
Net sales rose 3% to $19.52 billion. The company said higher prices offset a slip in volume, which it attributed primarily to pandemic-related lockdowns in China and reduced operations in Russia.
For its fiscal 2023, the company said it expects earnings per share to be flat to up 4%. P&G expects headwinds of $3.3 billion due to foreign exchange, higher commodity costs and higher freight costs.
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