Procter & Gamble (P&G) revealed an EPS of $1.66 slightly higher than the $1.65 expected for the quarter ended in December. Net sales rose 6% to $20.95 billion, surpassing the $20.34 billion forecasted. At the same time, organic revenue also rose 6%. Approximately half of the growth was due to the rising prices of various products.
According to the company's executives, more price increases are underway, and retailers have already discussed the matter. Some additions are to take effect on February 28 and mid-April.
For the ongoing fiscal year, P&G revised its sales growth forecast of 4% - 5% from a previous range of 2% - 4% upwards. It also plans to boost the buyback program from last year's high of $9 billion to as much as $10 billion. P&G didn't change the forecast for earnings, confirming that it sees core figures growing 3%-6% from $5.66 per share reported in 2021.
After the news hit the wires, P&G's share price traded 4.25% higher at $163.50 apiece, pushing its six-month gain to 17%.
Sources: cnbc.com, thestreet.com