Procter & Gamble Co.’s stock (PG) rose by 0.9% in premarket trading on Wednesday, following the consumer goods giant’s strong performance in its fiscal first quarter. The Cincinnati-based company, known for its popular brands such as Charmin, Crest, and Pampers, reported a net income of $4.521 billion, or $1.83 per share, for the quarter ending on September 30. This figure represents an increase from the $3.963 billion, or $1.57 per share, recorded during the same period last year.
Adjusted per-share earnings also stood at $1.83, surpassing the FactSet consensus of $1.72. Additionally, sales experienced a 6% growth, from $20.612 billion to $21.871 billion, again exceeding the FactSet consensus of $21.580 billion. The increase in sales was primarily driven by a 7% rise in prices.
Procter & Gamble’s chief executive, Jon Moeller, expressed confidence in the company’s performance, stating, “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.” Despite facing $600 million in forex headwinds since its initial guidance in July, the company maintains its full-year sales growth expectations of 2% to 4% and an EPS range of $6.25 to $6.43. The FactSet consensus for EPS currently stands at $6.39.
While Procter & Gamble’s stock has experienced a 3.5% decline year-to-date, the overall market, represented by the S&P 500, has witnessed a 14% gain.