Procter & Gamble Co. reported fiscal third-quarter earnings that beat estimates and said it would be raising prices on certain product categories. Net income of $3.27 billion, or $1.26 per share, was up from $2.92 billion, or $1.12 per share, last year. Sales of $18.11 billion were up from $17.21 billion last year. The FactSet consensus was for EPS of $1.19 and sales of $17.96 billion. Sales of grooming appliances were up more than 20%, with increased demand for at-home shaving and styling products and higher pricing. Oral care sales were up in the high-single digits due to positive impact of premium products. P&G brands include Gillette, Oral-B, Pantene and Tide. For fiscal 2021, P&G continues to expect core EPS growth in the range of 8% to 10%. The FactSet consensus is for EPS of $5.68, implying growth of 10.9%. P&G has begun raising prices in the range of mid-to-high single digit percentages on the baby care, feminine care and adult incontinence product categories due to rising commodity costs. Increases will vary by brand and will go into effect in mid-September. P&G stock edged up 0.3% in Tuesday premarket trading, but has slipped 1.8% for the year to date. The benchmark Dow Jones Industrial Average has gained 11.3% for 2021 so far.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
