Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Shivani Kumaresan

Gillette Maker Procter & Gamble Q2 Earnings Top Estimates

  • Procter & Gamble Co (NYSE:PGreported second-quarter FY22 sales growth of 6.12% year-on-year, to $20.95 billion, beating the analyst consensus of $20.34 billion.
  • Organic sales increased 6%, driven by a 3% increase in shipment volume, a 3% increase in pricing to help offset the significant commodity and other input cost increases.
  • Sales in the beauty segment rose 3%, the Grooming segment expanded 4%, and Health Care jumped 8%.
  • Adjusted EPS of $1.66 beat the analyst consensus of $1.65.
  • Gross profit decreased 2% Y/Y to $10.3 billion. The reported gross margin decreased by 400 basis points to 49.1%.
  • The operating margin contracted 250 basis points to 24.7%, while operating income for the quarter fell 4% to $5.2 billion.
  • P&G held $11.54 billion in cash and equivalents as of December 31, 2021.
  • "We delivered very strong top-line growth and made sequential progress on earnings in the face of significant cost headwinds," said CEO Jon Moeller.
  • Outlook: P&G raised FY22 all-in sales growth outlook to 3% - 4% (previously 2% - 4%).
  • The company continues to expect FY22 core EPS growth of 3% - 6% versus FY21 Core EPS of $5.66.
  • P&G also expects to pay over $8 billion in dividends and repurchase $9 billion - $10 billion of common shares in FY22.
  • Price Action: PG shares are trading higher by 1.24% at $158.68 in premarket on the last check Wednesday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.