Procter & Gamble Profit Falls Shy of Views Amid Slowing Growth

By Colin Kellaher

Procter & Gamble Co. on Friday posted fiscal fourth-quarter earnings that just missed Wall Street's expectations despite sales that came in slightly ahead of views, and the consumer-products giant warned of slowing growth in the current fiscal year.

The Cincinnati consumer-products giant reported net income of $3.05 billion, or $1.21 a share, for the quarter ended June 30, up from $2.91 billion, or $1.13 a share, a year earlier.

Analysts polled by FactSet, on average, were expecting earnings of $1.22 a share.

Sales rose 3% to $19.5 billion, topping the $19.4 billion Wall Street was expecting. Organic sales, which exclude the impacts of foreign exchange, acquisitions and divestitures, rose 7%, P&G said.

Procter & Gamble said it expects fiscal 2023 per-share earnings will be flat to up 4%, or about $5.93 at the midpoint. Wall Street currently expects a profit of $6.02 a share.

The company said it expects fiscal 2023 reported sales will be flat to up 2%, with organic sales up 3% to 5%.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

July 29, 2022 07:10 ET (11:10 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.