Procter & Gamble (NYSE: PG) reported positive third-quarter fiscal year 2022 results on Wednesday following price increases that helped the company offset inflation and a margin crunch. Additionally, it raised its full-year sales forecast as demand for cleaning and personal health care products remains strong.
“If we look at the current situation in the markets — the imbalance between supply and demand, geopolitical disruption, the need to disrupt supply chains, higher energy costs due to the war between Ukraine and Russia — all of those will continue to put pressure on the cost side,” CFO Andre Schulten said on a call with journalists.
The American multinational consumer goods corporation reported earnings of USD1.33 per share, compared to the expected USD1.29 a share. Revenue amounted to USD19.38 Billion, higher than analysts anticipated USD18.73 Billion. Furthermore, P&G’s organic revenue rose 10% throughout the quarter.
“We delivered another quarter with strong sales growth and made sequential earnings growth progress despite significant and increasing cost headwinds,” said Jon Moeller, President, and Chief Executive Officer. “These results enable us to raise our top-line growth outlook for the fiscal year and to maintain our EPS guidance range. Our focus remains on the strategies of superiority, productivity, constructive disruption and continually improving P&G’s organization and culture. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to manage through the near-term cost and operational challenges we’re facing and to deliver long-term balanced growth and value creation.”
Shares were up 2.6% during early morning trading amid the news.