Shares of Procter & Gamble Company (NYSE: PG) gained in pre-market trading on Friday after the consumer goods giant reported diluted earnings of $1.37 per share, up by 3% year-over-year in the fiscal third quarter and beating consensus estimates of $1.32 per share. Sales increased by 4% year-over-year to $20.1 billion in fiscal Q3, surpassing analysts’ expectations of $19.3 billion.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The better-than-expected results prompted the company to raise its outlook for FY23 and now expects sales to rise by 1% year-over-year versus the prior guidance of sales being down one percent to in-line. Organic sales are projected to grow by 6% year-over-year from its prior outlook of growth in the range of 4% to 5%.
P&G maintained its outlook for diluted EPS in FY23 and anticipates it to grow in the range of in-line to up by 4% year-over-year from its FY22 EPS of $5.81. The company added that it “expects EPS results towards the lower end of the fiscal year guidance range.”
Overall, Wall Street is cautiously optimistic about PG stock with a Moderate Buy consensus rating based on eight Buys and four Holds.
