Procter & Gamble Backs FY24 Earnings View Above Market; Adjusts Sales Growth Forecast - Update

(RTTNews) - Consumer goods major Procter & Gamble Co. (PG), while announcing higher first-quarter results, on Wednesday maintained its fiscal 2024 earnings view, while trimmed the lower end of its all-in sales growth forecast range.

For the year, the company continues to expect net earnings per share growth in the range of 6 to 9 percent from last year's $5.90. This outlook equates to earnings of $6.25 to $6.43 per share.

The earnings view has been maintained despite an incremental $600 million after tax of foreign exchange headwinds since its initial fiscal 2024 guidance in late July.

On average, 24 analysts polled by Thomson Reuters expect earnings of $6.07 per share for the year. Analysts' estimates typically exclude special items.

Further, P&G now expects fiscal 2024 all-in sales growth to be in the range of 2 to 4 percent versus the prior year, while previous outlook was all-in sales growth in the range of 3 to 4 percent.

The company continues to expect organic sales growth in the range of 4 to 5 percent.

In its first quarter, earnings increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $4.52 billion, or $1.83 per share, up from last year's $3.94 billion, or $1.57 per share. Analysts expected the company to earn $1.63 per share.

The company's revenue for the quarter rose 6.1 percent to $21.87 billion from $20.61 billion last year. Organic sales increased 7 percent.

In pre-market activity on the NYSE, PG shares were trading at $48.40, up 1.5 percent.

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