Procter & Gamble, which makes Tide detergent, expects fiscal 2023 earnings below analysts’ forecasts.
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Procter & Gamble reported fiscal fourth-quarter earnings of $1.21 a share, missing analysts’ estimates by 1 cent, and issued a fiscal-year forecast that also missed expectations.
Shares of Procter & Gamble (ticker: PG), which makes Tide detergent, Pampers diapers and Crest toothpaste, fell 3.8% early Friday to $142.45. Coming into the session, the stock has declined 9.5% this year.
Sales in the quarter rose 3% to $19.5 billion. Organic sales jumped 7%.
Analysts surveyed by FactSet expected Procter & Gamble to report quarterly earnings of $1.22 a share on revenue of $19.4 billion. A year earlier, the company earned $1.13 a share on sales of nearly $19 billion.
Organic growth was estimated at 6.5%, according to Bloomberg.
The company said it expects earnings in fiscal 2023 to be flat to up about 4%. At the midpoint, the company said, it would equate to $5.93 a share, below Wall Street forecasts of $6.02 a share.
P&G said said it expects fiscal 2023 sales growth flat to up 2%. Foreign exchange is expected to be a headwind of about three percentage points. The company expects organic sales growth in the range of 3% to 5%, the lowest since 2019 when the company reported a 5% increase, according to The Wall Street Journal.
“As we look forward to fiscal 2023, we expect another year of significant headwinds,” said Jon Moeller, president and chief executive.
Write to Joe Woelfel at [email protected]
