Procter & Gamble says economic pressures have consumers focused on smaller pack sizes and promotions. The consumer packaged goods company released earnings Wednesday (July 29) showing sales up 3% for its most recent quarter and 1% for the year.
Procter & Gamble's stock is taking a hit Wednesday after sales fell short of Wall Street estimates.
Procter & Gamble (PG) shares opened in the red this morning as investors reacted to the Q4 sales miss and guidance that signalled potential cost headwinds. The consumer goods specialist posted $1.43 a share of earnings (EPS) – which topped Wall Street estimates by 2 cents; but its revenue at $21.2 billion fell short of the $21.38 billion consensus.
Procter & Gamble Co (NYSE:PG, XETRA:PRG) shares fell more than 3% on Wednesday after the consumer goods giant reported fourth-quarter revenue that missed analyst estimates, even as it topped profit expectations. The maker of Tide detergent and Pampers diapers posted revenue of $21.2 billion for the quarter, up 2% from a year earlier but below analysts' estimate of $21.38 billion.
Fourth-quarter profit fell to $3.04 billion, driven by higher selling, general and administrative costs, which more than offset a slight uptick in sales.
Procter & Gamble reports better-than-expected quarterly profit but misses on sales.
Procter & Gamble reported quarterly earnings per share that topped Wall Street's estimates, but its revenue fell short of expectations. P&G also announced that CEO Shailesh Jejurikar will become chair of the board, effective Aug. 1.