Procter & Gamble (NYSE:PG) exceeded third-quarter earnings expectations with an adjusted EPS of $1.52, surpassing the consensus by $0.11. Despite this achievement, the company’s revenue of $20.2 billion did not meet the expected $20.44 billion.
The company reported a 1% increase in net sales year-over-year, and a 3% rise in organic sales, attributing this mainly to a 3% boost from higher pricing, while volume and product mix effects remained neutral. P&G saw an 11% year-over-year increase in diluted net earnings per share, with a substantial 18% rise on a currency-neutral basis.
CEO Jon Moeller emphasized the robust sales and earnings growth, which supported an upward revision of the EPS growth outlook for the fiscal year while sustaining the revenue forecast. This success, according to Moeller, is rooted in P&G’s strategic focus on product excellence and market expansion efforts.
For the remainder of fiscal 2024, P&G continues to project total sales growth of 2% to 4% over the previous year, with organic sales expected to grow by 4% to 5%. The forecast for diluted net earnings per share growth for the fiscal year has been updated from a range of -1% to 0% to an anticipated growth of 1% to 2% over the previous fiscal year’s EPS of $5.90. Furthermore, the company increased its projections for core net earnings per share growth from 8%-9% to 10%-11%.