P&G Falls Short of 4Q Sales Expectations

By Micah Maidenberg

Procter & Gamble Co. (PG) reported stronger sales for its latest quarter, but Wall Street analysts expected more.

The Cincinnati company said Thursday organic sales, a measure that excludes currency moves and deals, increased 5% from a year ago.

Overall, P&G reported $18.24 billion in quarterly sales, short of the $18.42 billion average estimate compiled by FactSet.

Profit for the fourth quarter rose to $3.72 billion, or $1.41 a share, from $3.19 billion, or $1.22 a share, the year earlier.

The company's adjusted profit of $1.42 a share was higher than forecasts from analysts by 5 cents.

P&G's beauty business, covering brands like Olay and Pantene, delivered the strongest growth in the quarter, with organic sales rising 8%. The health unit, which includes products such as Vicks cough drops and Crest toothpaste, recorded a 7% gain.

For its current fiscal year, the company said it now expects organic sales to increase 4% to 5%, up from a prior forecast that anticipated a 3% to 5% gain on that measure.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

January 23, 2020 07:44 ET (12:44 GMT)

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