Reportedly, the Procter & Gamble Company (PG) third-quarter earnings exceeded analyst estimates as consumers continue to purchase more cleaning supplies and also bounce back to buying beauty products.
Key Earning Highlights for the quarter ending March 31:
- Earnings per share of $1.26 were reported versus $1.19 expected.
- Revenue of $18.1 billion was reported versus $17.9 billion expected.
- Net income increased to $3.27 billion, or $1.26 per share, up from $2.92 billion, or $1.12 per share, a year earlier.
- Net sales surged 5% to $18.1 billion, beating expectations of $17.9 billion.
- Organic revenue rose 4% in the quarter.
- The company’s fabric and home care segment, which includes Comet cleaning products, witnessed organic sales growth of 7% from a year earlier.
- The company’s beauty segment also reported organic revenue growth of 7%. Consumers started buying skin-care products, like its premium SK-II brand, again, and Chinese customers led growth in hair-care products.
- The healthcare business reported organic sales to grow by 3% in the quarter. The growth was mainly driven by the segment’s oral care products, which include Oral B toothbrushes.
- Baby, feminine, and family care was the only segment that reported declining organic sales, as competition rose.
- The company’s grooming segment, which includes Gillette and Venus, saw organic sales growth of 4%. Organic sales of shaving appliances rose more than 20%.
- The company viewed its fiscal 2021 outlook, forecasting sales growth of 5% to 6% and adjusted earnings growth of 8% to 10%.
The company also informed that it will raise prices on some of its products to combat rising commodity costs.
The Procter & Gamble Company (PG), a Dow 30 component, supplies branded consumer packaged goods to consumers across the globe. To learn more about Procter & Gamble (PG) and to continue to track its progress please visit the Vista Partners Procter & Gamble Coverage Page.
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