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Procter & Gamble (PG) Q2 2023 Earnings

by SuperiorInvest

This image shows the Procter and Gamble logo displayed on a smartphone with stock market percentages in the background.

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Procter & Gamble reported mixed quarterly results on Thursday that met Wall Street expectations on earnings but slightly beat them on revenue as costs fall and exchange rates equalize.

P&G shares were down about 1% in premarket trading.

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Here’s a breakdown of how P&G fared in its fiscal second quarter compared to what Wall Street expected, based on an average of analyst estimates compiled by Refinitiv:

  • Adjusted earnings per share: $1.59 vs. $1.59 expected
  • Total revenue: $20.77 billion vs. $20.73 billion expected.

For the three-month period ended Dec. 31, the company reported net income of $3.9 billion, or $1.59 per share, excluding items, down from $4.22 billion, or $1.66 per share. a year earlier.

Net sales fell 1% to $20.77 billion, beating analysts’ estimates of $20.73 billion.

The company’s organic revenue, which is a direct result of internal operations rather than acquisitions or other external moves, rose 5% in the second quarter.

The Cincinnati-based consumer goods giant, which owns brands such as Crest toothpaste, Tide laundry detergent and Pampers diapers, warned in its first-quarter report of a $3.9 billion hit to fiscal 2023 due to “unfavorable” exchange rates and higher-cost raw materials. material, goods and transport. As a result, the company lowered its outlook despite reporting solid value first quarter.

But so far this year, these headwinds have begun to weaken. Cargo, commodities and raw material prices have started to fall as the supply chain improves. The dollar has too weakened against other major currencies, offsetting the exchange rate that ate into returns.

This is the latest news. Please check for updates.

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