Procter & Gamble Surpasses Earnings Expectations

Procter & Gamble reported better-than-expected quarterly earnings and revenue due to price increases on Crest toothpaste and Pampers diapers. The company's fiscal fourth-quarter net income was $3.38 billion, or $1.37 per share, compared to $3.05 billion, or $1.21 per share, in the previous year. Despite the positive results, P&G provided a downbeat outlook for its fiscal 2024 sales, forecasting revenue growth of 3% to 4%, below analysts' expectations of 4.5% sales growth and projected earnings per share growth of 6% to 9%, lower than analysts' expectations off 8.8%. During the quarter, P&G's volume declined by 1%, with the healthcare segment experiencing the largest drop in volume at 3%. The fabric and home care business also saw its volume decrease by 2%, particularly in China, where customers bought fewer fabric care products. The grooming segment reported a 1% decline in volume, while the baby, feminine, and family care, and beauty segments reported flat volume for the quarter.