- Procter & Gamble Co PG reported first-quarter FY23 sales growth of 1% year-on-year to $20.61 billion, beating the consensus of $20.44 billion.
- Excluding the impacts of foreign exchange, acquisitions and divestitures, organic sales increased 7%.
- Sales in the beauty segment remained flat, the Grooming segment declined 4%, and Health Care rose 3%.
- Adjusted EPS of $1.57 beat the consensus of $1.56.
- Gross profit decreased 2% Y/Y to $9.8 billion. Gross margin decreased by 160 basis points to 47.4%.
- Operating margin contracted 70 basis points to 24%, while operating income for the quarter fell 2% to $4.9 billion.
- P&G held $6.7 billion in cash and equivalents as of September 30, 2022.
- Jon Moeller, Chairman and CEO, said, "These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds."
- Outlook: P&G maintained its outlook for FY23 organic sales growth to be 3% - 5% compared to 2022.
- P&G reduced its guidance range for FY23 for all-in sales, with sales to be down 3% to down 1% (prior view in-line to up 2%) versus the prior fiscal year.
- The company now expects EPS results towards the low end of the fiscal year guidance range of in-line to up 4% versus FY22 EPS of $5.81.
- P&G expects to pay around $9 billion in dividends and to repurchase $6 billion to $8 billion of common shares in FY23.
- Also Read: Procter & Gamble Faces Challenges From Strong Dollar & Inflation, Says Analyst
- Price Action: PG shares are trading higher by 1.46% at $130.25 in premarket on the last check Wednesday.
- Photo Via Company
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