- Procter & Gamble Co PG reported Revenue growth in Q1 FY23 of 1% year over year to $20.61 billion, beating the consensus of $20.44 billion.
- Excluding the impact of foreign exchange, acquisitions and divestitures, organic sales increased 7%.
- Sales in the beauty segment were flat, the grooming segment was down 4% and healthcare was up 3%.
- Adjusted EPS of $1.57 beat the consensus of $1.56.
- Gross profit fell 2% year over year to $9.8 billion. Gross margin declined 160 basis points to 47.4%.
- Operating margin shrank 70 basis points to 24%, while operating income for the quarter fell 2% to $4.9 billion.
- P&G held $6.7 billion in cash and cash equivalents as of September 30, 2022.
- Jon Moeller, Chairman and CEO, said, “These results allow us to maintain our guidance ranges for organic revenue and EPS growth for the fiscal year despite ongoing significant headwinds.”
- outlook: P&G kept its guidance for FY23 organic sales growth at 3% to 5% compared to 2022.
- P&G has reduced its FY23 forecast range for all-in sales, with sales set to fall 3% to 1% (previous view linearly by 2%) compared to the previous financial year.
- The company now expects EPS results at the low end of its guidance range for the fiscal year of up to 4% versus its FY22 EPS of $5.81.
- P&G expects to pay about $9 billion in dividends and buy back $6 billion to $8 billion of common stock in fiscal 23.
- also read: Procter & Gamble faces challenges from strong dollar and inflation, analyst says
- Price promotion: PG shares are trading up 1.46% at $130.25 as of the last check Wednesday premarket.
- Photo via company
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