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Procter & Gamble earnings top forecast as price increases offset volume slide

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Procter & Gamble once again offset a modest pullback in overall volumes with 7% price increases across its wide range of consumer brands to lift first quarter profits.

posted better-than-expected first quarter earnings Wednesday, while indicating firmer profits for its current financial year, as it was able to pass on price increases across it range of consumer brands that offset a modest pullback in sales volumes.

Group net sales, Procter & Gamble said, rose 6.3% to $20.9 billion, narrowly topping analysts' estimates of a $21.6 billion tally. Organic sales were up 7% while price increases of around 7%, however, helped offset a 1% decline in overall sales volumes, with gross profit margins rising by 460 basis points to 52%.

“We delivered very strong results in the first quarter of fiscal year 2024, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales and core EPS growth,” said CEO Jon Moeller.

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