Procter & Gamble 2Q Sales, Earnings Match Street Views
January 19 2023 - 07:25AM
Dow Jones News
By Colin Kellaher
Procter & Gamble Co. on Thursday posted fiscal
second-quarter results in line with Wall Street's expectations and
bumped up its full-year sales forecast.
The Cincinnati consumer-products giant reported net income of
$3.93 billion, or $1.59 a share, for the quarter ended Dec. 31,
down from $4.22 billion, or $1.66 a share, a year earlier.
Analysts polled by FactSet, on average, were expecting earnings
of $1.59 a share.
Sales fell 1% to $20.77 billion, just above the $20.73 billion
Wall Street was expecting. Organic sales, which exclude the impacts
of foreign exchange, acquisitions and divestitures, rose 5%,
P&G said.
For the full fiscal year, P&G said it now expects reported
sales will be flat to down 1%, compared with a prior forecast for a
decline of 1% to 3%. The company now expects organic sales will be
up 4% to 5% for the year, versus its previous growth forecast of 3%
to 5%.
P&G also said it still expects fiscal 2023 per-share
earnings will be flat to up 4%, with growth toward the lower end of
that range.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 19, 2023 07:10 ET (12:10 GMT)
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