Procter & Gamble Stock Rises. Earnings Had a Warning for the Stock Market.

Procter & Gamble firmly beat analysts’ expectations in its latest quarterly results, which is good for the stock. Less good was an implicit warning for the S&P 500 in the consumer-goods group’s outlook: A strong dollar may not be your friend.

One message in the earnings report from P&G was yet another sign that consumers remain resilient, with sales up 6% from a year prior and volumes down just 1% despite the company raising prices by 7% for a second consecutive quarter. But another message may be a broad warning for investors that companies and stock indexes like the S&P 500 may soon feel the pinch of a stronger U.S. dollar. While guidance for organic sales and earnings per share growth was held steady, P&G lowered its all-in sales forecast for fiscal 2024 to a range of 2% to 4%, from previous guidance of 3% to 4%, citing headwinds from foreign exchange.

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Procter & Gamble’s stock up after earnings beat estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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Procter & Gamble earnings are out – Here are the numbersProcter & Gamble’s shares have fallen 3.7% this year, dragging its market value down to $344 billion.
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Procter & Gamble tops earnings, revenue estimates even as volume falls againProcter & Gamble’s shares have fallen 3.7% this year, dragging its market value down to $344 billion.
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