Procter & Gamble on Friday reported quarterly earnings and revenue that topped analysts' expectations, fueled by stronger demand for its beauty products.
Shares of the company rose more than 2% in premarket trading.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- $1.63 adjusted vs. $1.56 expected
- Revenue: $21.24 billion vs. $20.5 billion expected
P&G reported fiscal third-quarter net income attributable to the company of $3.93 billion, or $1.63 per share, up from $3.78 billion, or $1.54 per share, a year earlier.
Net sales rose 7% to $21.24 billion. Organic sales, which strips out acquisitions, divestitures and currency, increased 3%.
P&G's volume increased 2%, marking the first time in a year that it reported growing volume across the company. The metric excludes pricing, which makes it a more accurate reflection of demand than sales. Like many consumer companies, P&G has seen demand for its products shrink as shoppers try to spend less and stretch their laundry detergent and shampoo further.
The company reiterated its full-year forecast of sales growth between 1% and 5% and net earnings per share growth in the range of 1% to 6%.
"We're increasing investments to accelerate momentum with consumers despite the challenging geopolitical and economic environment, while still maintaining our guidance ranges for the fiscal year," CEO Shailesh Jejurikar said in a statement.
