Procter & Gamble’s stock is down 1% after the consumer goods company reported mixed first quarter financial results that showed its sales missed Wall Street expectations.
The company, whose products include Tide laundry detergent and Gillette razor blades, reported earnings per share (EPS) of $1.52 U.S. versus $1.41 U.S. that was estimated by analysts.
Revenue in Q1 came in at $20.2 billion U.S., which was below forecasts of $20.41 billion U.S. Overall sales were up 1% from a year earlier.
In recent earnings reports, Procter & Gamble has said that it is struggling with price increases prompted by inflation that have pushed consumers to cheaper generic alternatives to its name brand products.
The company reported overall flat sales volumes for this year’s first quarter, while the average prices across its product categories rose 3%.
Despite the miss on its Q1 sales, Procter & Gamble did revise up its forward guidance.
The company now expects its core earnings to rise between 10% and 11% in fiscal 2024, compared with its prior forecast of 8% to 9% profit growth.
Prior to today (April 19), the stock of Procter & Gamble had increased 6% so far in 2024 to trade at $157.29 U.S. per share.
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