Procter & Gamble (PG) tops analyst estimates for the first fiscal quarter

October 18, 2023 7:21 AM EDT

Procter & Gamble (NYSE: PG) reported stronger-than-expected first-quarter earnings, sending its shares modestly higher in early Wednesday trade.

The company posted earnings per share of $1.83, which is $0.11 higher than the estimated EPS of $1.72. Additionally, the company's revenue for the quarter reached $21.9 billion, exceeding the consensus estimate of $21.57 billion.

The company still expects EPS for the year to be in the range of $6.25 to $6.43, compared to the consensus estimate of $6.07. The company still sees organic revenue growing 4-5%, compared to the +5% expectation.

“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,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer.

“We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization.”

PG shares rose 1.4% in pre-open trading.

By Senad Karaahmetovic

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