P&G raised prices by an average of 7% in its latest quarter
Procter & Gamble, the Cincinnati-based parent of brands including Charmin, Crest and Pampers, posted better-than-expected fiscal first-quarter earnings early Wednesday, boosted by another increase in prices.The company posted net income of $4.521 billion, or $1.83 a share, for the quarter to Sept. 30, up from $3.963 billion, or $1.57 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.83, well ahead of the $1.72 FactSet consensus.
“We delivered very strong results in the first quarter of fiscal year 2024, putting us on track to deliver towards the higher end of our fiscal year guidance ranges for organic sales and core EPS growth,” Chief Executive Jon Moeller said in a statement. Gross margin increased 460 basis points from the year-earlier, driven by higher pricing, favorable commodity costs and productivity savings.
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