Consumer goods giant Procter & Gamble (PG) has delivered first-quarter financial results that beat analysts’ expectations on the top and bottom lines.
The company, whose products include Tide laundry detergent and Gillette razor blades, posted earnings per share (EPS) of $1.63 U.S., which topped the $1.56 U.S. expected on Wall Street.
Revenue of $21.24 billion U.S. surpassed the $20.5 billion U.S. consensus forecast of analysts. Sales 7% rose from a year earlier.
Management noted that overall sales volumes for its products, which also include Pampers diapers, grew in Q1 for the first time in a year. Organic sales increased 3% year-over-year.
Like many consumer companies, Procter & Gamble has seen demand for its products decline as shoppers spend less money in the face of persistent inflation.
Procter & Gamble’s beauty division, which includes shampoo products such as Head & Shoulders and Pantene, was the best performer during the quarter, posting 5% volume growth.
Grooming and health care were the two laggards, with the grooming segment seeing volumes fall 2%. Health care, which houses Oral-B and Vicks, reported a volume decline of 2%.
In terms of guidance, the company reiterated its full-year forecast of 1% to 5% sales growth and earnings per share growth of 1% to 6%.
PG stock has declined 9% over the last 12 months to trade at $145.71 U.S. per share.
