Tide detergent containers on New York grocery store shelves.
Richard B. Levine | Corbis | Getty Images
Procter & Gamble on Tuesday surpassed analysts’ estimates for quarterly revenue and revenue as consumers maintained pandemic buying trends, such as buying more cleaning products and starting to buy beauty products again.
The company, whose portfolio includes Tide detergent, Charmin toilet paper and Pampers diapers, also announced that it will implement price increases for some products this fall.
The company’s shares were fixed in premarket trading.
Here is what the company reported compared to what Wall Street expected, based on a survey conducted by analysts by Refinitiv:
- Earnings per share: USD 1.26 versus the expected USD 1.19
- Revenue: $ 18.1 billion compared to $ 17.9 billion expected
P&G reported third-quarter tax revenue of $ 3.27 billion, or $ 1.26 per share, up from $ 2.92 billion or $ 1.12 per share a year earlier. Analysts surveyed by Refinitiv expected earnings per share of $ 1.19.
Net sales rose 5% to $ 18.1 billion, exceeding expectations of $ 17.9 billion. Organic revenues increased by 4% in that quarter.
The company reiterated its fiscal outlook for 2021, forecasting a 5% to 6% increase in sales and an adjusted revenue increase of 8% to 10%.
P&G also said it has begun implementing price increases in its baby care, women’s care and adult incontinence products in the United States to offset rising commodity costs. Price increases will vary by brand, but will be in the range of simple figures from medium to high. Consumers can expect price increases to take effect in September. Huggies-producing rival Kimberly-Clark has already announced price increases for some of its products.
This story is developing. Please check again for updates.