P&G misses on profit

Procter & Gamble Co. shares fell 3.7% in Friday premarket trading after it reported fiscal fourth-quarter profit that missed expectations. The consumer goods giant posted net income of $3.052 billion, or $1.21 per share, up from $2.906 billion, or $1.13 per share, last year. Sales of $19.515 billion were up from $18.946 billion. The FactSet consensus was for EPS of $1.22 and sales of $19.405 billion. Sales growth was due primarily to pricing. For fiscal 2023, P&G is guiding for all-in sales growth in the range of flat to up 2% and EPS growth in the range of flat to up 4%. The FactSet consensus is for sales of $81.894 billion, implying roughly 2.3% growth. And the FactSet EPS consensus is for $6.02, suggesting roughly 3.4% growth. P&G stock has fallen 9.5% for the year to date while the Dow Jones Industrial Average is down 10.5% for the period.

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.