Tide laundry detergent is shown on display in Compton, California.
Mike Blake | Reuters
Procter & Gamble reported its fiscal first-quarter earnings before the bell Wednesday.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:
- Earnings per share: $1.83, vs. expected $1.72
- Revenue: $21.87 billion, vs. expected $21.58 billion
For roughly two years, P&G has been raising prices for products across its portfolio, including Tide detergent and Charmin toilet paper. The price hikes have scared away some consumers, leading to five consecutive quarters of volume declines. But in fiscal 2024, P&G expects its volume will start increasing again, and prices will only rise 1% to 1.5%.
P&G is also forecasting that its revenue will grow 3% to 4% and earnings per share will rise 6% to 9%. But some investors have grown more cautious, fearing the dollar’s strength and setbacks in China’s recovery. China is P&G’s second-largest market, and sales there haven’t returned to pre-pandemic levels yet.
Shares of the company have fallen 3.7% this year, dragging its market value down to $344 billion.