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P&G’s better-than-expected 4Q results show consumers’ appetite for iconic brands despite price hikes – WTOP News

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NEW YORK (AP) — Procter & Gamble Co. , the maker of such household products like Crest toothpaste, Tide detergent…

NEW YORK (AP) — Procter & Gamble Co. , the maker of such household products like Crest toothpaste, Tide detergent and Charmin toilet paper, reported better-than-expected fiscal fourth-quarter results that showed consumers’ appetite for its items even as it continued to push up prices.

The Cincinnati-based company reported net income of $3.39 billion, or $1.37 per share, in the quarter ended June 30. That compares with $3.06 billion, or $1.21 per share, in the year-ago quarter.

Sales rose 5% to $20.6 billion from $19.51 billion in the quarter.

Analysts were expecting $1.32 per share on sales of $20.01 billion.

P&G increased prices by about 7% across its various brands in the latest quarter from a year ago, less than the 10% increase in the previous quarter. During the fourth quarter the prices of fabric and home care and health care items went up 6% and grooming products rose 9%. Beauty items saw an 8% increase. Meanwhile, the number of products it sells globally fell 1% in the quarter, less than the 3% during the fiscal third quarter and 6% drop in the second quarter.

That showed that the pullback to price hikes are easing.

P&G expects fiscal year 2024 sales growth in the range of 3% to 4% versus the prior year. The company expects organic sales growth, which excludes deals and currency moves, to be in the range of 4% to 5%.

P&G expects net earnings per share growth in the range of 6% to 9% for the current year. This outlook equates to a range of $6.25 to $6.43 per share, with a mid-point estimate of $6.34, or an increase of 7.5%. Analysts were expecting $6.37 per share.

Shares rose nearly 2% in premarket trading on Friday.

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