Consumer giant The Procter & Gamble Company has upgraded its sales guidance for the year after recording “strong” growth in the first quarter, the company announced in a filing.
- Net earnings for the first quarter stood at $3.367 billion, up by 4% from $3.249 billion in the same quarter in 2021. Diluted earnings per share climbed by 6% to $1.33 from $1.26.
- Net sales climbed by 7% to $19.381 billion from $18.109 billion. This was led by health care which saw a 16% growth, followed by fabric and home care and baby, feminine, and family care with 10% growth each.
- P&G upgraded its 2022 all-in sales growth outlook to range between 4% to 5% higher than the previous year, up from 3% to 4% previously. The organic sales growth guidance was also hiked to 6% to 7% from 4% to 5%.
- The diluted earnings per share guidance was maintained at $5.50, reflecting a growth of 4% to 6% versus the core earnings per share of $5.66 in the fiscal year 2021.
P&G expects headwinds of $3.2 billion after taxes, $400 million higher than the guidance provided in January. P&G is up 2.51%.