© Reuters.
Despite a year-to-date (YTD) dip of 3.5%, Procter & Gamble (NYSE:) Co., the parent company to brands like Charmin, Crest, and Pampers, experienced a 0.9% increase in its stock during Wednesday’s premarket trading. This surge followed the company’s robust fiscal Q1 performance, which surpassed market expectations.
The Cincinnati-based multinational reported a net income of $4.521 billion ($1.83 per share), an improvement from the previous year’s $3.963 billion ($1.57 per share). Adjusted earnings per share also stood at $1.83, outpacing the FactSet consensus of $1.72 per share.
Sales for the consumer goods giant grew by 6% to reach $21.871 billion, beating the FactSet consensus of $21.580 billion. This growth was primarily driven by a 7% price increase across its product portfolio.
The company managed to maintain its strong performance despite facing additional forex headwinds of $600 million since late July. Despite these challenges, Procter & Gamble retains its full-year sales growth forecast of 2% to 4% and EPS expectation of $6.25 to $6.43, aligning with the FactSet consensus for EPS at $6.39.
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