P&G reports mixed quarterly results, warns ‘significant headwinds’ expected to persist

Procter & Gamble on Friday reported mixed quarterly as the consumer products giant said higher prices helped offset rising commodity costs.

The Cincinnati-based maker of products including Tide and Pampers warned that it expects “another year of significant headwinds” for its fiscal 2023. Shares of the company were down about 4% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.21 adjusted vs. $1.22 expected
• Revenue: $19.52 billion vs. $19.4 billion expected

P&G reported fiscal fourth-quarter net income attributable to the company of $3.05 billion, or earnings per share of $1.21, up from $2.9 billion, or $1.13 per share, a year earlier.

Net sales rose 3% to $19.52 billion. The company said higher prices offset a slip in volume, which it attributed primarily to pandemic-related lockdowns in China and reduced operations in Russia.

For its fiscal 2023, the company said it expects earnings per share to be flat to up 4%. P&G expects headwinds of $3.3 billion due to foreign exchange, higher commodity costs and higher freight costs.

Read the entire earnings release here.