P&G Falls Short of 4Q Sales Expectations
January 23 2020 - 7:59AM
Dow Jones News
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 micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 23, 2020 07:44 ET (12:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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