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Procter & Gamble Faces Stock Dip Despite Mixed Fiscal Quarter Results

Procter & Gamble hiked prices — and then Pampers and Bounty sales dipped

Shares of Procter & Gamble (P&G) experienced a decline in morning trading following the company’s fiscal third-quarter earnings report. Despite a 1% drop in stock value, P&G’s quarterly earnings reflected a mixed outcome attributed to price hikes on certain products that hindered revenue attainment.

TSMC surpassed expectations in Q2 sales, driven by a surge in demand for AI technology, particularly from major clients like Nvidia and Apple. However, P&G’s decision to implement a 3% price increase across various product categories led to varied results across segments.

Notably, P&G’s primary revenue generator, comprising baby, feminine, and family care products, saw declines in both net sales and volume. This segment, which includes popular brands like Pampers and Bounty, experienced a 2% decrease in net sales to $4.9 billion, primarily due to pricing-related volume declines.

Procter & Gamble

Procter & Gamble (Credits: Forbes)

Conversely, the grooming products segment, featuring brands like Gillette razors, implemented a significant average price increase of 10%. Consequently, net sales in this segment grew by 3% year-over-year, reaching $1.5 billion.

P&G CEO Jon Moeller acknowledged the company’s ability to achieve solid sales and earnings growth amidst multiple challenges. Despite these headwinds, P&G raised its diluted net earnings per share growth outlook and maintained its top-line forecast for fiscal year 2024, expecting all-in sales growth between 2% to 4%.

In its fiscal third quarter, P&G’s net income surged by over 10%, reaching $3.8 billion compared to $3.4 billion in the same period last year. However, net sales only experienced marginal growth of 1% year-over-year, amounting to $20.2 billion, slightly below Wall Street’s expectations of $20.4 billion. Nevertheless, the company surpassed analysts’ estimates for earnings per share, recording $1.52 against an estimated $1.42.

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