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The Procter & Gamble Company (NYSE:PG) reported upbeat earnings for its third quarter on Friday.
Procter & Gamble reported third-quarter FY24 sales growth of 1% year-on-year to $20.195 billion, missing the analyst consensus estimate of $20.408 billion. Adjusted EPS of $1.52 beat the consensus estimate of $1.41, according to data from Benzinga Pro.
P&G maintained its guidance range for FY24 organic sales growth of 4%-5% and all-in sales growth of 2%-4%. P&G raised its FY24 EPS growth outlook from -1% to inline to a range of 1% to 2% versus FY23 EPS of $5.90. P&G raised its adjusted EPS growth outlook from 8%-9% to 10%-11% versus the prior year. P&G now expects unfavorable foreign exchange rates will be a headwind of approximately $600 million after tax.
P&G now expects a benefit of approximately $900 million after tax from favorable commodity costs for fiscal year 2024.
"We delivered solid sales and strong earnings growth in the third quarter despite multiple headwinds, enabling us to raise our EPS growth guidance and maintain our top-line outlook for the fiscal year," said Board Chairman, President, and CEO Jon Moeller.
P&G shares rose 1.9% to trade at $161.09 on Monday.
These analysts made changes to their price targets on P&G following earnings announcement.
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