- P&G top analyst's estimates on both the top and bottom line.
- The consumer products giant continued to perform well in its beauty products, health care and fabric and home care segments.
- P&G now expects its 2019 organic sales to grow 4%, rather than rise within a range of 2% to 4%. Total sales are expected to be flat to up 1% over 2018.
Procter & Gamble PG on Tuesday reported quarterly earnings and revenue that beat analyst expectations, indicating its customers continue to pay up for its products following price increases earlier this year.
Shares of the company were roughly flat in premarket trading.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.06 adjusted, vs. $1.03 expected
- Revenue: $16.46 billion vs. $16.37 billion expected
Excluding items, P&G earned $1.06 per share, beating the $1.03 per share expected by analysts surveyed by Refinitiv.
Net sales rose 1% to $16.46 billion, topping expectations of $16.37 billion.
Its strongest business units continue to be its beauty care business, which includes its premium SK-II skin-care brand and Olay. Fabric and home care and health care, which includes Crest toothpaste, also performed well.
Its grooming business, which includes its Gillette brand, continues to lag, although its sales declines moderated from the prior quarter. Organic sales in its grooming business dropped 1%, compared to a 3% decline in the second quarter.
The company said sales of shaving care products were in-line with the year-ago period, however, it benefited from higher sales in more developed areas, and price increases, which helped offset unit volume declines. Unit volume factors out the impact of price and currency fluctuations.
The owner of Tide laundry detergent said on Tuesday it now expects its 2019 organic sales to grow 4%, rather than be in range of up 2% to 4%. Total sales are expected to be flat to up 1% over 2018.
Correction: A previous version of this story misstated its sales forecast for the year. P&G expects its 2019 organic sales to grow 4%, rather than be in range of up 2% to 4%. Total sales are expected to be flat to up 1% over 2018.
More From CNBC