- Procter & Gamble Co (NYSE:PG) reported fourth-quarter FY22 sales growth of 3% year-on-year to $19.52 billion, beating the consensus of $19.37 billion.
- The sales growth was driven by an eight percent increase in pricing, partially offset by a one percent decrease in volume primarily due to pandemic-related lockdowns in Greater China and reduced operations in Russia.
- Sales in the beauty segment fell 1%, the Grooming segment declined 3%, and Health Care rose 5%.
- Adjusted EPS of $1.21 missed the consensus of $1.23.
- Gross profit decreased 5% Y/Y to $8.7 billion. Gross margin decreased by 370 basis points to 44.6%.
- Operating margin contracted 30 basis points to 18.4% while operating income for the quarter rose 2% to $3.6 billion.
- P&G held $7.2 billion in cash and equivalents as of June 30, 2022.
- “As we look forward to fiscal 2023, we expect another year of significant headwinds,” said Chairman and CEO Jon Moeller.
- Outlook: P&G expects FY23 sales growth to be in-line to 2% compared to 2022.
- The company sees FY23 EPS of $5.93 at the mid-point versus the consensus of $6.12.
- Price Action: PG shares are trading lower by 3.26% at $143.24 in premarket on the last check Friday.
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