P&G earnings top estimates as price hike offset rising costs, company raises 2022 sales forecast
Tide, a laundry detergent owned by the Procter & Gamble company, is seen on a store shelf on October 20, 2020 in Miami, Florida.
Joe Raedle | Getty Images
Procter & Gamble on Wednesday reported quarterly earnings and revenue that topped Wall Street’s expectations as price hikes helped offset higher commodity and freight costs.
On the heels of its strong performance, the company also raised its outlook for sales growth but said it expects inflation to weigh even more heavily on its fiscal 2022 results.
Shares of P&G rose 1.3% 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: $1.66 vs. $1.65 expected
- Revenue: $20.95 billion vs. $20.34 billion expected
The consumer giant reported fiscal second-quarter net income of $4.22 billion, or $1.66 per share, up from $3.85 billion, or $1.47 per share, a year earlier. Analysts surveyed by Refinitiv were expecting $1.65 per share.
Net sales rose 6% to $20.95 billion, topping expectations of $20.34 billion.
