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Procter & Gamble (PG) earnings Q2 2023

In this photo illustration a Procter and Gamble logo seen displayed on a smartphone with stock market percentages in the background.

Omar Marques | Lightrocket | Getty Images

Procter & Gamble reported mixed quarterly results Thursday, matching Wall Street’s expectations on earnings but slightly topping them on revenue as costs come down and foreign exchange rates level out.

Shares of P&G fell about 1% in premarket trading.

Here’s how P&G performed in its fiscal second quarter compared with what Wall Street anticipated, based on an average of analyst’s estimates compiled by Refinitiv:

  • Adjusted earnings per share: $1.59 versus an expected $1.59
  • Total revenue: $20.77 trillion versus expected $20.73 trillion.

For the three-month period ended Dec. 31, the company reported net income of $3.9 billion, or $1.59 per share, excluding items, down from $4.22 billion, or $1.66 per share, a year earlier.

Net sales fell 1% to $20.77 billion, topping analyst’s projections of $20.73 billion.

The company’s organic revenue, which is a direct result of internal operations rather than acquisitions or other external moves, increased 5% in the second quarter.

The Cincinnati-based consumer goods giant, which owns brands like Crest toothpaste, Tide laundry detergent, and Pampers diapers, warned in its first quarter report of a $3.9 billion hit to its fiscal year 2023 due to “unfavorable” foreign exchange rates and pricier raw materials, commodities and freight. As a result, the company lowered its guidance, despite posting a solid first quarter.

But so far this year, those headwinds have started to ease. Freight, commodities and raw material costs have all begun to decline as the supply chain improves. The dollar has also weakened against other major currencies, balancing out a foreign exchange rate that was eating into revenue.

This is breaking news. Please check back for updates.

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