Procter & Gamble Profit Falls Shy of Views Amid Slowing Growth
July 29 2022 - 7:25AM
Dow Jones News
By Colin Kellaher
Procter & Gamble Co. on Friday posted fiscal fourth-quarter
earnings that just missed Wall Street's expectations despite sales
that came in slightly ahead of views, and the consumer-products
giant warned of slowing growth in the current fiscal year.
The Cincinnati consumer-products giant reported net income of
$3.05 billion, or $1.21 a share, for the quarter ended June 30, up
from $2.91 billion, or $1.13 a share, a year earlier.
Analysts polled by FactSet, on average, were expecting earnings
of $1.22 a share.
Sales rose 3% to $19.5 billion, topping the $19.4 billion Wall
Street was expecting. Organic sales, which exclude the impacts of
foreign exchange, acquisitions and divestitures, rose 7%, P&G
said.
Procter & Gamble said it expects fiscal 2023 per-share
earnings will be flat to up 4%, or about $5.93 at the midpoint.
Wall Street currently expects a profit of $6.02 a share.
The company said it expects fiscal 2023 reported sales will be
flat to up 2%, with organic sales up 3% to 5%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 29, 2022 07:10 ET (11:10 GMT)
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